Logistics developer LOGOS Property has teamed up with Swiss-based global fund manager Partners Group to acquire a 22.16 hectare site on the Gold Coast to develop into a new logistics facility.
The industrial infill site at Captain Cook Drive in Arundel near Southport was owned by consumer goods giant Colgate-Palmolive and includes two large manufacturing facilities. It is understood to have sold for more than $20 million.
LOGOS’s latest acquisition will be developed during 2018 into a modern logistics estate with the capacity to accommodate up to 100,000sqm of gross lettable area.
“The Southport property is a strategic acquisition for LOGOS in a tightly held market and represents the last scalable infill industrial site in the region. The site will allow us to service the strong demand from our customers for well located, quality logistics assets as well as meet the growing demand from local owner occupiers,” said LOGOS joint managing director Trent Iliffe.
The sale was negotiated by Savills state director for industrial Callum Stenson, who said the new logistics facility would draw interest from local owner occupiers “forced to stay in small outdated facilities due to limited supply of modern warehouses in the region”.