Civic Corporation is the latest business to acquire land in Brisbane North’s premier industrial estate, New Base, in a deal valued at $2.647 million.
CBRE’s Dillon Murphy negotiated the sale of the 9,624 sqm development site on behalf of vendor, AVID Property Group. The transaction was struck at a rate of $275 per sqm.
Located on the corner of French Avenue and Leitchs Road, Brendale, Lot 50 is the sixth allotment to sell in New Base in the past six months, with a number of high-profile businesses including Aldi and Super Retail Group already occupying the estate.
Mr Murphy said the developer of the allotment planned to build a 5,300 sqm, ‘A’ grade warehouse with an additional 300 sqm of ancillary retail.
“Developers are recognising the estate as a key investment opportunity due to strong tenant demand in the area, with recent lease deals completing at $125 - $140 per square metre,” Mr Murphy said.
“A significant drawcard for tenants in the area has been the surrounding residential catchments that provide a good labour pool for businesses.”
New Base is serviced by three major arterials including Bruce Highway and benefits from being within 25 kilometres of Brisbane Airport precinct and Brisbane GPO.
The sale of Lot 50 signals the commencement of the next construction stage of the project by AVID Property Group.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), 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 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 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.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), 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 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 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.