Stockland has secured three key tenants at its latest industrial development, the Yatala Distribution Centre, located in the prime logistics and distribution hub in the increasingly sought after corridor between Brisbane and the Gold Coast.
Simtech Creations has leased a 8,725 square metre facility; Crimsafe Security Systems has leased a 5,400 square metre facility and OzWide Group has pre-leased a 4,720 square metre facility; all for a 10-year period.
“We continue to focus on increasing our weighting to workplace and logistics, which now makes up 23 per cent of our assets nationally. Over the last financial year we have completed $99 million of logistics developments nationally, and executed nearly 60,000 square metres of gross lettable area at our development projects at Ingleburn Logistics Park and Yennora Distribution Centre in Western Sydney, and Yatala and Willawong Distribution Centres in Greater Brisbane,” Louise Mason, Stockland Commercial Property CEO said
“The logistics market continues to be supported by ongoing investment in infrastructure, export growth and growth in online retail, which is driving occupancy and rental growth. Demand for logistics space in Queensland’s southeast industrial precinct remains very strong with vacancy 28 per cent lower than this time last year. Companies looking to service the broader Brisbane – Gold Coast region have realised the relative affordable rental options and the easy accessibility to the M1 Pacific Highway of the Yatala area, making it an enticing value proposition. Our logistics business has a clear growth strategy to provide customers with flexible, efficient and cost effective facilities from which to drive their businesses, and our ability to pre-lease this new Yatala facility with quality tenants progresses this,” Tony D’Addona, General Manager – Workplace and Logistics, Stockland, said.
Construction on the final building at Yatala is due for completion in early 2021 with the remaining 9,020 square metre warehouse to be speculatively built for a range of prospective occupiers having the flexibility to be split into two tenancies.
Construction is also underway on another speculative development, a 30,000 square metre flexible warehouse on a 5.1 hectare site in the key western Melbourne industrial precinct of Truganina.