A 2.5ha vacant site in Acacia Ridge was snapped up for $2m by a Queensland investor who plans to develop it into an upmarket industrial subdivision.
Located at 170 Postle Street, just off Beaudesert Road, the site adjoins 7ha property improved by a new purpose built facility which Colliers leased to Lindsay Australia in 2016.
Levi Maxwell of Colliers International negotiated the sale and will eventually be marketing the new subdivision on behalf of their client.
“The site was purchased at $80 per square metre without DA approval and requires headworks and civil works. Our client is currently seeking a DA approval for a boutique small lot industrial subdivision which they will offer for sale or lease”.
“We are seeing a lot of developers chasing sites of this scale, however there is currently no prime land available in Acacia Ridge. And if you are an occupier chasing a purpose built facility, there are only limited opportunities left which are located further south along the Logan Motorway.
“This industrial subdivision will fill the gap for the local businesses who haven’t been able to find suitable properties in the area to lease or own and occupy.
“Currently there are far more owner occupiers than tenants actively seeking opportunities within this precinct. Even secondary grade properties we have taken to auction over the last 12 months are getting snapped up quickly due to limited availability of stock.
“Owner occupiers are finding it cheaper to service a loan than continue paying rent, particularly for the stock in the $1 million to $5 million value range.
“Over the coming year the industrial properties in the precinct are likely to experience further pressure on yields due to limited availability of stock and land opportunities for large scale facilities.”