Charter Hall has paid $19.7 million for an industrial property at Brendale that will ultimately become a comprehensive mixed used project adjacent to Strathpine Train Station.
The property at 23-25 South Pine Road spans 4.844 hectares and is predominantly leased to shipping group Wallenius Wilhelmsen, however the site is more suited to a mixed use development.
Strathpine Train Station was recently upgraded as part of the Moreton Bay Rail Link, a 12.6 kilometre dual track passenger rail line between Petrie and Kippa- Ring, referred to as the Redcliffe Peninsula Line.
The previous vendors, Vynian Pty Ltd, lodged a reconfiguration of lot Development Application in 2017 to subdivide the site into 6 new lots. The DA assessment was delayed in 2019 while the vendors responded to Council’s concerns.
By late 2019, the vendors elected to take the property to the market, with JLL’s Nick Bandiera appointed to sell the site with colleagues Sam Byrne and Tim Jones .
At the time of the sale, the lease to Wallenius Wilhelmsen generated a net income to the site of just $255,000 and was due to expire in January 2022.
The Development Application was ultimately given Preliminary Approval in early 2020. The Preliminary Approval approves in-principal the subdivision of the site into 6 lots but does not approve the works required to undertake the subdivision.
The land is zoned Centre Zone and is likely to be developed into a series of mixed use precincts.
Charter Hall have not made any announcements in relation to the acquisition. Last month, the group also acquired a 2.6ha industrial asset 45 South Pine Road for $32.3m.
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