Work has commenced on a new $70 million industrial development in Meadowbrook, which will ultimately feature 19 warehouses with immediate access to the Logan Motorway.
The project, to be called M6 Connect, will be built on the final 10 hectares of a 100 hectare industrial land holding which commenced development in 1986.
The final site remains under the ownership of the Brisbane-based Hoare family, operating as Beal Street Industrial Park.
The family has joined forces with property firm Development Directive to realise the potential of what is now the final industrial development opportunity in Meadowbrook, with plans to fill a gap in the market for spec and custom built warehouses.
Development Directive is a full-service property firm offering an end-to-end solution, including identifying developable sites, arranging approvals and project management through to delivery of the finished product.
Development Directive has contracted Pensar Infrastructure to complete civil works across the site, which is expected to be completed by September this year, paving the way for construction of warehouses in the first stage.
The first six warehouses will be spec built, with all other lots open to custom builds to suit tenant requirements.
Development Directive director Lachlan Macgregor says M6 Connect will meet demand from companies in the logistics and distribution space looking for a central location and flexible options for short and long term leaseholds.
“The Development Directive model is to identify gaps in the market and then find the perfect site to deliver the right project, and M6 Connect fits this criteria by creating new industrial leasing opportunities in the sought after Gold Coast to Brisbane corridor,” he said.
“Meadowbrook is a well established industrial area, and M6 Connect will be the last industrial estate to be built here, so it really is the final opportunity for businesses to get a foothold in this precinct.
“In recent years, a lot of the focus in industrial development has been on vacant land sales with few spec built projects on offer – especially for those looking to lease rather than purchase.
“It’s particularly rare to have an opportunity to lease a custom built warehouse in a brand new development.
“We are intending to offer the lots individually, however tenants will have the ability to amalgamate lots to suit business requirements.
“We are completing the entire civil works program up front, so all sites will be fully serviced and ready for builders to move on site and build warehouses to meet demand.”
M6 Connect is being marketed by Savills and Cushman & Wakefield.
Savills agent Peter Trikamji says M6 Connect offers a range of lot sizes to suit a variety of uses.
“We have already had enquiries from businesses in the commercial cleaning, freighting and logistics hire industries, which are all circling M6 Connect due to its proximity to the Logan Motorway, with easy access to the interchanges for the M1 and Gateway motorways,” he said.
“Sites range from 1,500sqm to almost 6,000sqm, so they are suitable for small to medium scale businesses.
“The project offers value, with leasing rates expected to range from $125 to $140 per square metre.”
Cushman and Wakefield agent Freddie Donne says the industrial market has shown a trend towards quality spec built product.
“In the past 18 months or so we have seen an uptick in interest in spec built offerings. Developers are finding they are able to lease spec built projects ahead of completion,” he said.
“We expect to see continued interest in M6 Connect from businesses looking to move from areas like Acacia Ridge, Slacks Creek and Underwood, which have older warehouses and don’t have the benefit of upgraded infrastructure.
“The ability to lease these spaces also gives businesses greater agility to respond to market activity.”
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