Centennial Lands Strategic Site Adjacent Brisbane Airport for $61.35M

• Centennial buys 15.4ha industrial site at 142 Marine Drive, Brisbane Airport for $61.35m 

• Site acquired through a joint venture with global real estate group, Phoenix Property Investors  

• Last freehold development site ‘of scale’ in northern Australia Trade Coast (ATC)  

• Site will be transformed into a multi-tenant Metro I+L estate | tenancies ranging from 3,700 to 15,300sq m | 40,570sq m gross lettable area (GLA) with end value of ~$240m  

• Vendor: private | Agents: Michael Callow and Dan Munnich, CG Property Group & Myles Fredericksen and Morgan Ruig, Cushman & Wakefield 

Centennial’s expertise in finding scalable freehold sites off-market in Brisbane’s Australia TradeCoast precinct has stepped up a gear with the company teaming up with global real estate investment group, Phoenix Property Investors to acquire a 15.4ha site at Brisbane Airport for $61.35m. 

The property at 142 Marine Drive Brisbane Airport, is the last developable freehold site ‘of scale’ in the northern Australia TradeCoast precinct with up to 12.1ha of usable land set for development and an end value of ~$240m. 

Handling the transaction were Michael Callow and Dan Munnich of CG Property and Cushman & Wakefield’s Myles Fredericksen and Morgan Ruig.  

Centennial will develop the site into an institutional grade multi-tenanted estate targeting metro industrial and logistics occupiers. Civil earthworks will start after settlement this month with construction starting in early 2026. 

On completion the site will offer 40,570sq m of gross lettable area and 3.4ha of outdoor storage hardstand areas. 

Centennial’s Joint Managing Director, Paul Ford said the purchase of Marine Drive was the culmination of a long, off-market process and Centennial’s ability to assess value and navigate complex issues.  

“We have had our eye on the site for over two years given land in this area, and particularly freehold land outside the Brisbane Airport and Port of Brisbane’s own leasehold industrial parks is very scarce,” Mr Ford said.  

“We’ve spent a considerable amount of time evaluating the site to maximise its full potential to extract value and we’re very happy with the attractive pricing reached for such a prominent land parcel in a supply constrained location.  

“The limited availability of modern stock and freehold land within the northern TradeCoast and nearby industrial suburbs will continue to place upward pressure on rents indefinitely.” 

Phoenix Property Investors, a prominent Pan-Asian private equity real estate investment group, ranks among Asia’s largest real estate private equity funds. Since its inception in 2002, the firm has managed over US$17 billion in assets, with US$1.6 billion committed to investments in Australia via its capital partnership model. 

Trent Winduss, Partner and Head of Australia at Phoenix Property Investors said: “Our investment in this major industrial and logistics precinct, reflects our high conviction in the sector — particularly inner-urban logistics, where structural tailwinds continue to drive demand. This project marks the seventh investment for our flagship US$1.2 billion opportunistic fund series, which targets compelling real estate opportunities across developed Asia, with a particular focus on Japan and Australia.” 

“We continue to see strong interest from institutional investors globally in this sector. Our longstanding presence in the region, coupled with our experienced team on-the-ground, enables access to high-quality partners, differentiated opportunities, and a proven ability to execute with discipline.” 

Alex Edwards, Head of Institutional Funds added: “Sites of this scale in this location command premium rents based on their last mile characteristics, connectivity to major arterial routes and proximity to critical freight and trade hubs. 

“Marine Drive is no exception with its excellent access to air, rail, port and road networks, including the Gateway Motorway, 4.5km from the site. 

“We are thrilled to be partnering with Phoenix Property Investors on this project and welcome the opportunity to collaborate with like-minded investors who understand the fundamentals that continue to drive the Metro segment within the industrial and logistics sector.  

“We expect this joint venture to be the first of many and we’ll continue to seek attractive investment opportunities in the best performing urban, infill and last mile I&L locations in the country, including the Australia TradeCoast market.” 

Marine Drive is Centennial’s ninth asset in Brisbane’s Australia TradeCoast economic zone, with a combined end value of $513m across 21ha. 

“We like ATC’s market fundamentals and will continue to seek attractive investment opportunities in this core industrial market that we consider to be one of the best performing urban, infill and last mile I&L markets in the nation,” Mr Edwards said.