ESR Australia Development Partnership has acquired a prime industrial precinct in Brisbane from American private equity giant, Blackstone.
ESR Australia will develop the site at 1502 Beaudesert Road, Acacia Ridge, QLD to become a premium logistics estate with the potential for a total GFA of approximately 100,000 sqm.
The 18-hectare property at 1502 Beaudesert Road was acquired by ESR for its $1 billion Australia Development Partnership.
Strategically located in an established industrial precinct experiencing low supply and high customer demand, ESR Australia will capitalise on the immediate and future redevelopment opportunities.
“The significant Acacia Ridge holding includes a mixture of income-producing warehouses and vacant land in an established industrial area with few available sites of a similar scale within the precinct. This presents an ideal opportunity to secure prospective users seeking larger, contemporary facilities in a premium location,” ESR Australia said in a statement.
The site is ideally situated on an arterial road that provides easy access to Brisbane’s major transport links. It is close to Acacia Ridge Intermodal Terminal and Archerfield Airport, and 13 km from Brisbane CBD.
Phil Pearce, CEO of ESR Australia, said this acquisition comes after the recent closing of EADP and the acquisition of 79 ha in south east Melbourne in July.
“We’re pleased to continue executing EADP’s investment strategy by providing exposure to the Queensland market,” he said.
“We targeted this location due to strong demand for premium logistics assets and the potential for redevelopment in this land-constrained market. An infill site of this scale with holding income in the blue-chip Acacia Ridge precinct is rare, so we’re well positioned to capitalise on the demand by creating a high-quality logistics estate in one of Brisbane’s best industrial locations.”
Phil said the site will allow the group to leverage core capabilities of development, leasing and asset management.
EADP is a develop-to-hold partnership focusing on strategically located sites benefiting from infrastructure or proposed infrastructure upgrades in the eastern seaboard cities of Brisbane, Sydney and Melbourne. Approval from the Foreign Investment Review Board is currently being sought for this transaction.