The GPT Group today announced its plans to commence construction of a 16,270 square metre logistics facility at Wembley Business Park, Berrinba in Brisbane.
The facility is GPT's third warehouse to be built in the heart of southern Brisbane's core logistics and warehouse precinct, and features a design that provides the capacity to be leased in its entirety or as three separate facilities.
Darren Hunt, GPT's Head of Development, Logistics, said he was confident the development, which is in close proximity to the Logan Motorway, would attract a significant level of interest from prospective tenants.
'GPT is very encouraged by the recent success we have had at Wembley Business Park, with the delivery of two logistics developments earlier this year that attracted strong interest from small and large occupiers alike,' said Mr Hunt.
'Our strategy of undertaking speculative developments has allowed GPT to capitalise on the strong demand for quality and well-located logistics facilities, which remains very high in Brisbane's southern corridor.'
The facility is GPT's third development at Wembley Business Park, with the Group successfully delivering a 14,400 square metre development completed on a speculative basis and leased to JB HiFi and Windoware, along with a 20,600 square metre facility pre-leased to DHL.
With construction due to commence in November, the warehouse is projected to reach completion in the second half of 2021 and will have an expected end value of $33 million. Located 25 minutes from the Brisbane CBD and 28 minutes from the port of Brisbane, Wembley Business Park is expected to deliver up to 73,000 square metres of prime logistics accommodation, with a fourth site due to commence in 2021.
The development aligns with GPT's strategy to increase its exposure to the logistics sector. At its interim result last month, the Group announced the value of its logistics portfolio had increased in the first half of the year to $2.6 billion, growing by 8 per cent from December 2019. Recent projects include a 17,000sqm speculative development currently underway at Glendenning in Sydney's west, and a recently completed 50,150 square metre facility at Penrith, acquired on a forward-funded basis and leased by Visy.
For leasing enquiries, contact Patrick Hill, Development Manager, Logistics (Patrick.Hill@gpt.com.au) or Rebecca Roberts, National Director, Logistics Leasing (Rebecca.Roberts@gpt.com.au).