Busy Melbourne developer VIMG has stepped up its northern exposure, taking over a near 10-hectare Brisbane site that had been Australia Post’s Queensland distribution centre, in a $26 million deal.
The property, which had been owned by Australia Post itself, comprises a 24,873sq m industrial facility which the organisation had occupied for 25 years until relocating to Redbank late last year.
It is the largest acquisition in Queensland to date for VIMG, with the 9.78 hectare site presenting considerable scope for development. The site sits in Brisbane’s southern growth corridor and is near the Underwood Marketplace Shopping Centre.
“We are looking forward to working with the local community to develop a high-quality mixed-use precinct,” said VIMG’s development manager Leo Primus.
“Our intention is to land bank the site for the short to medium term and we are in discussions with a number of tenants to take advantage of the considerable logistics infrastructure on site.”
The Melbourne developer has already lodged a development application for a project that could comprise medium density residential housing including retirement living and aged care along with commercial, medical and retail uses.
The Beenleigh Road property was brokered by Colliers International’s Simon Beirne, Anthony White and Brendan Hogan.
“Given proximity to the road infrastructure network, the distribution facility serviced Australia Post parcel division well and would be well suited to accommodate similar supply chain occupiers” Mr Beirne said.
“Whilst the successful purchaser was a residential developer, we had strong interest from the Logistics REIT sector, highlighting the quality of the existing improvements.”
By the end of last year, VIMG’s total investment in Australia exceeded $1 billion, with overall company assets passing $2 billion. It has exposure to both residential and commercial property development along with funds management.
The developer has a series of projects completed and underway in Sydney, Melbourne and Brisbane. There are currently 6000 high-quality apartments and townhouses under construction and planning in the VIMG development pipeline.
It has offices in Sydney, Melbourne and Brisbane, and cooperative offices in Beijing, Shanghai and Guangzhou in China.
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