CBRE brokers 6500sqm of industrial deals in Moreton Bay
CBRE brokers 6,500sqm of industrial deals in Moreton Bay
| 26 June 2020
CBRE’s North Brisbane Industrial & Logistics team has transacted five lease deals in the resilient South East Queensland market over the past three months, reflecting circa 6,500sqm of warehouse space over multiple buildings.
The Brendale properties in the Moreton Bay region include Tenancy 2, 38 Kingsbury Street (1,610sqm); 30 French Avenue (1,398sqm); 18 Kingsbury Street (1,361sqm);18 Johnstone Road (1,304sqm); and 26 Leonard Crescent (850sqm).
Fienza Bathrooms, which has just completed its best month of sales on record, is set to expand into Civic Corporation’s new warehouse development at 38 Kingsbury Street – next door to its headquarter warehouse – meaning greater supply chain and storage efficiencies for the Australian bathroom specialist.
Hugh Adnam and Dillon Murphy of CBRE Industrial & Logistics said the team had adapted to the shifting climate and had managed to successfully support clients through this tough time, with a mix of tenants from local companies to internationals making the move to Brendale for better quality buildings and competitive rents, compared to properties closer to town.
“Newer stock in the area is averaging $135 per square metre (net) and older style buildings are reflecting a price point of circa $100 per square metre (net),” Mr Adnam continued.
Reflecting on signs of market confidence, Mr Murphy commented that; “Developers continue to have quality speculative buildings coming out of the ground, ranging from 1,200sqm – 2000sqm and all showing competitive pricing and flight to quality. We have found the industrial market has been relatively insulated from the economic effects of COVID-19.”
Mr Adnam continued that the CBRE team was looking forward to transacting more lease deals for valued clients in the third and fourth quarters of 2020.
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CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.