LOGOS sells 26,000sqm of small lots at its Gold Coast Logistics Hub
Thursday 25th July 2019
LOGOS announced today that it has sold seven small lots at its Gold Coast Logistics Hub. The lots, which range in size from 2,869sqm to 4,912sqm, have been acquired by a number of owner occupiers and developers, and are expected to be developed over the next 12 months.
LOGOS acquired the Gold Coast site in December 2017 and is currently developing the property into a $160 million Logistics Hub that will accommodate up to 72,000sqm of gross lettable area (GLA). LOGOS has developed or leased 48% of the property to date, which is located on Captain Cook Drive in Arundel, and is currently working with a number of occupiers on the remaining space.
Darren Searle, LOGOS’ Head of Australia and New Zealand, said: “The Gold Coast Logistics Hub is the last scalable infill site in central Gold Coast. With excellent transportation links to the Gold Coast and Northern NSW regions, which have a combined population of nearly 1 million people, this property allows us to meet the growing demand from our customers and local occupiers for quality facilities in the region.
“We are pleased to have finalised the sale of the 26,655sqm of small lots to local owner occupiers and developers,” he said.
Commenting on the interest in the Hub, joint appointed agent David Corke from CBRE said: “Companies are increasingly looking at costs holistically during the property decision-making process, to not only maximise short-term savings, but also support long-term benefits.
“Purpose-built facilities deliver much greater building efficiencies, compared to existing older buildings, in terms of customised layout and clearance, and racking heights that generate ongoing productivity gains. The Gold Coast Logistics Hub was able to provide occupiers with the opportunity to develop their facilities within a well-developed, quality Hub, with excellent access to service the broader area,” he added.
Callum Stenson, Savills said the limited supply of existing A Grade industrial stock levels is fuelling business demand for new facilities.
“In particular, supply of existing A Grade industrial buildings is all but non-existent, which will continue to drive new design and construct opportunities.
“We are also witnessing an increased demand in container unit movement, hardstand requirements, B-Double access and increased racking heights, as occupiers search for greater building efficiencies,” he added.
LOGOS has also recently completed key infrastructure works across the Hub, establishing a new signalised intersection from the property onto Captain Cook Drive, and divested a further 2.8-hectare non-core site.
LOGOS’ Australian and New Zealand portfolio includes assets and developments across New South Wales, Victoria, Western Australia, Queensland and Auckland, with a total development pipeline of A$2 billion.
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