Joint venture partners Centennial and MaxCap have completed the $85m redevelopment of the 3.87ha ‘Gateway Industrial Park’ at Murarrie, in Brisbane’s southern TradeCoast industrial precinct, with adaptive reuse and sustainability at the forefront of the partners’ major logistics collaboration.
In just over 12 months, the prominent site at 33 Queensport Road, Murarrie, has been transformed from a mostly cleared brownfield site containing an ageing warehouse, into a new logistics park with three freestanding industrial and logistics facilities yielding over 15,000sq m of gross lettable area, plus 12,000sq m of hardstand, car parking and end of trip facilities.
Included in the upgrade was an original 3,705sq m warehouse that was repurposed into a state-of-the-art ‘Two Zone’ cold storage facility capable of delivering a sub-24 degree environment and 24/7 truck access, crucial to running advanced, competitive cold storage operations.
Centennial’s Head of Funds Management, David Cupit said he was proud to be working alongside MaxCap and builder McNab Constructions to roll out Centennial’s mid-space metro industrial + logistics strategy into one of Australia’s most important national and international trading hubs.
“Murarrie is a major infill suburb, 11 km east of Brisbane’s CBD, 1 km from the Gateway Motorway and a connector to air, sea, rail and road freight networks,” Mr Cupit said. “Adding weight to its major trading credentials, Murarrie is also regarded as a true last mile location with a catchment of around 1 million households within a 60-minute drive.”
Simon Hulett, MaxCap’s Head of Equity Investment said logistics continues to be a core focus for MaxCap’s Equity business and its partnership with Centennial reflects its disciplined, sector-specific investment approach. “We are pleased to work alongside partners like Centennial whose development expertise and track record in logistics allow us to bring compelling investment opportunities to our clients. We look forward to continuing to grow our presence in Queensland’s logistics sector building on the strong foundation this partnership with Centennial has established.”
Mr Cupit added, “The strength of Murarrie and more broadly, the Australia TradeCoast region, is very robust with net absorption the strongest in the TradeCoast and southern submarkets.
“Our leasing team has fielded a number of strong enquiries from a range of businesses looking for tenancies ranging from 1,000 to 9,000sqm and now that we can show them the built product, we expect the tenancies to fill quickly. We’re really proud of what we’ve been able to achieve by transforming an underperforming, outdated brownfield site into an institutional-grade logistics park,” Mr Cupit said.
“It not only offers high quality, modern amenities to mid-size businesses, it also acts as an exemplar in showcasing how smaller-scale industrial developments can transform brownfield sites into places where businesses want to operate and where their employees can be proud to work.”
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