Centennial and MaxCap Group Join Forces to Acquire Prime Australia TradeCoast Site in Second Joint Venture

• Transaction involves 38,750sq m infill site at 33 Queensport Road, Murarrie for $21.45m | JV partners will develop a multi-tenanted logistics estate offering 26,150sq m GLA across three buildings
• ‘Gateway Industrial Park’ will deliver two prime mid-space warehouses totalling 11,350sq m; and transform an existing warehouse into a state-of-the-art cold storage facility (3,705sq m) 
• Centennial and MaxCap Group’s first joint venture is the recently completed $100m ‘Link Industrial Park’ at Willawong in Brisbane’s south   
• Agents leasing the site are Shaw Harrison, Savills and David Gibson, Modus Property

A lack of current or planned supply of new mid-space logistics facilities over the next 18 months, plus an acute scarcity of undeveloped land in Brisbane’s booming Australia TradeCoast (ATC), has sparked a new joint venture between Centennial and MaxCap Group who have acquired a prime infill site at Murarrie for $21.45m.

The 38,750sq m site at 33 Queensport Road comprises a cleared site with development approval for two warehouses and hardstand areas, plus the redevelopment of an older building on a separate title, into a state-of-the-art ‘2 Zone’ cold storage facility.

Construction has already commenced on ‘Gateway Industrial Park’ with completion slated for mid-2026. It will deliver tenancies ranging from 2,050sq m to 9,300sq m, in step with Centennial’s core business model targeting tenants seeking modern, flexible, mid-space industrial and logistics warehousing and office facilities and associated hardstand areas.

Centennial’s Head of Property Funds, David Cupit said partnering with MaxCap Group to develop another logistics facility in the heart of Brisbane’s ATC with a quick delivery timeframe was a “tactical move to capitalise on the precinct’s high demand, strong rental growth and lack of current and forecast supply.”

“There are limited new industrial and logistics developments targeting mid-space tenancies in the ~5,000sq m range in the ATC scheduled for completion over the next 18 months, so we expect a surge in leasing activity in the lead up to completion mid next year. 

“Supporting our confidence in the site, which is our ninth asset in the ATC’s economic zone, is Knight Frank’s Q4 2024 research showing total prime vacancies falling 2 per cent in Q4, with prime net rents increasing by 2.6 per cent to $200/sqm, representing an 11.1 per cent lift year on year,” Mr Cupit said.

Simon Hulett, MaxCap Group’s Head of Direct Investment said, “Partnering with Centennial on our second joint venture provides our investors with another opportunity to directly access Queensland’s thriving logistics market. Acquiring a high-quality, shovel-ready site in the TradeCoast precinct is extremely rare and is testament to the agility and expertise of both of our teams. We look forward to generating another strong outcome from a segment that we both know very well.”

Murarrie is a core infill industrial suburb 11km north-east of Brisbane’s CBD, 2km from the Gateway Motorway that will connect the new Gateway Industrial Estate directly to Brisbane’s port, air, road and rail infrastructure networks.

“It’s rare to find a such a well-located, undeveloped land parcel in Murarrie,” Mr Cupit added.  “As land value growth in the ATC continues to rise, particularly for sub-5,000sq m sites, our latest joint venture with MaxCap Group presents all the hallmarks for another successful partnership.”

When complete in Q2 2026, Gateway Industrial Park is expected to be valued around $90m and increases Centennial’s total Brisbane assets to 38, valued in excess of $1.07bn.

Shaw Harrison of Savills and David Gibson of Modus Property are appointed as leasing agents.

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*Source:  Knight Frank Research Brisbane Industrial Precinct Update Q4 2024 & Q1 2025.