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The land will form part of the Crestmead Logistics Estate located south of the Logan Motorway corridor in Brisbane.
Singaporean property REIT Mapletree Logistics Trust has purchased 36 ha (3,875,008 sq ft) of industrial land located in Brisbane’s outskirts under a deal worth around $95 million (S$129.8 million), reported the Australian site Commercial Real Estate.
It is understood that the Singaporean company has agreed to terms with the seller Pointcorp for the property’s sale, which will form part of the proposed Crestmead Logistics Estate located south of the Logan Motorway corridor in Brisbane.
Pointcorp will begin developing the estate in January. After which, Mapletree will then be allowed to begin developing its own warehouses on the area, which has a capacity of 200,000 sq m (2,152,782.08 sq ft).
The land is located south of the Metcash property which Charter Hall purchased from Blackstone earlier this year for $183.6 million (S$250.8 million), and which is now transacting on a 5.15% yield.
Selling agent Michael Callow said there has been a trend of institutional funds restocking their land supplies in Brisbane and Melbourne to facilitate large-scale logistics and warehouse parks.
“Melbourne land prices have doubled in the last 12 months based on strong tenant demand. It’s having the best run of all capital cities and Brisbane is likely to follow in 2020,” he said.
Mapletree Logistics Trust has been recently an active player in Melbourne and Brisbane’s local logistics property market.
In September, it purchased a yet-to-be-built untenanted 15,000 sq m (161,458 sq ft) warehouse in Melbourne’s west under a fund-through deal valued at $18 million (S$24.6 million) and last year it bought a Coles distribution centre in Heathwood in Brisbane’s south-west for $102 million (S$139.4 million).
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg