A KEY industrial estate at Heathwood has hit 31,000sqm in sale commitments following very strong occupier demand as construction on the project begins.
5 lots totalling 31,000sq m are now committed in a limited release with only a few lots remaining in Stage 1 of Hub Heathwood at 731 Johnson Road, a development that will deliver 24 lots in total, with an end value of well over $300 million.
The deals were negotiated by Mark Clifford and Lachlan Hateley of Knight Frank, who are marketing space in the development of behalf of market leading funds manager Clarence Property, which purchased the circa 17 hectare industrial site earlier this year for $30 million.
There are a limited number of lots that have just been released to market to finalise Stage 1, with the remaining Stage 2 lots being offered to the market via lease with Clarence Property to deliver built product for tenants. Design and Construct offerings ranging from 500 to 7000sq m will be available to tenants across a range of site sizes.
It is expected that over 100,000sq m of high-quality office and warehouse space will be constructed in Hub Heathwood, just 300 metres from the Logan Motorway interchange, over the coming years.
Construction on the first lots started this month and is now in full swing, with titles expected to be delivered early 2023, and the potential built product scheduled to be occupied by industrial businesses late 2023. Hub Heathwood has this week been presented with their project certification from EnviroDevelopment representative Taylor Hood, the scientifically-based assessment scheme that independently reviews development projects and awards certification to those that achieve outstanding performance across four or more of the provided elements – Ecosystems, Waste, Energy, Materials, Water and Community.
Hub Heathwood is positioned immediately south of the Heathwood Logistics Estate, which is home to household brands including Woolworths, Coles, Asahi, Hilton Group, and Australia Post.
Mr Clifford said the Brisbane’s industrial market remained strong in line with the national market, with demand from tenants only growing, hence the strong sales in Hub Heathwood.
“We have seen massive levels of interest from industrial occupiers in Brisbane in the development,” he said.
“As construction on the project has now started, levels of interest and enquiry are set to grow substantially, particularly given the critically low levels of industrial land and the record low vacancy in industrial warehouse stock in Brisbane.
“Hub Heathwood is in a highly sought-after location by industrial users with its location close to major transport corridors and just 19 kilometres from the CBD.
“Heathwood is set to be one of Brisbane’s premier business locations, benefitting from significant infrastructure investment including the recently completed Wembley Road interchange and Ipswich Motorway upgrades.”
Mr Hateley said: “Construction has only just started but already we are seeing a wide range of interest in Hub Heathwood from established business across Brisbane.
“Occupiers know that this is a once in a lifetime opportunity to secure a piece of this estate, as there is very little land supply.
“Along with the warehouse and office occupiers, there is going to be some good amenity in Hub Heathwood for the surrounding area.
“We have received interest from cafés, gyms, indoor sports centres, and child care operators. It’s likely that the development will house all of these types of groups.”
Clarence Property Head of Capital Transactions Ben Somerville said he was happy to see the civil constructions commence on site alongside the official sod turning, with Clarence Property proud to be presented with the EnviroDevelopment certification for the Hub Heathwood development.
“It’s an exciting time for Hub Heathwood as we begin to create what we see as one of the best industrial estates in Brisbane’s southwest corridor for occupiers looking for quality office warehouse facilities.
We are thrilled with this location, so close to the Logan Motorway, and only 19 kilometres from the CBD. This is a strategic location that has wide appeal and connectivity.”
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