Cadence Property Group has purchased an industrial asset in Brisbane’s newest e-commerce industrial and logistics hub next door to Coles’ new automated distribution centre. Australia Post, Northline, Asahi Beverages and Rheinmetall occupy major facilities that neighbour the site.
Coles’ new automated distribution centre in Brisbane now has a new neighbour in Brisbane’s newest e-commerce industrial and logistics hub.
Matthew Frazer-Ryan, Levi Maxwell and Simon Beirne of Colliers International sold the 14,500sqm warehouse located at 36-48 River Road, Redbank which is situated on 8.62 ha of land.
Colliers will be handling the leasing for the property on behalf of the Cadence Property Group.
“At close proximity to Redbank Motorway Estate, directly off the Ipswich Highway, the property is situated in Brisbane’s newest e-commerce industrial and logistics hub,” said Matthew Frazer-Ryan, National Director, Colliers International.
“Australia Post, DB Schenker, TNT, Northline, Asahi Beverages and Rheinmetall all occupy major facilities within 1 km of this site, with the new automated Coles Distribution Centre currently being constructed directly next door.”
Levi Maxwell, Associate Director, Colliers International said with over 14,500 sqm of warehouse space and 30,500 sqm of dedicated hardstand areas, 36 River Road is the most affordable warehouse and external hardstand storage accommodation in this location.
“Improvements to the surrounding road networks and associated infrastructure has vastly enhanced access to the precinct and this now benefits all occupiers situated within the Redbank peninsula industrial areas,” he said.
Cadence have transacted over $600m of development and value add style deals over the last 5 years with a key focus on the industrial and logistics sector.
“The acquisition of the Redbank asset marks our second industrial syndicate venture and we’re excited to strengthen our investment holdings nationally. The asset presents a strong value-add opportunity having been purchased well below replacement cost and located in Brisbane’s emerging e-commerce precinct,” said Cadence managing director Charlie Buxton.
“We plan to rejuvenate the asset by way of capital upgrades, including a new ring road around the building and upgraded office and bathroom amenity to attract good quality, long term tenants. We believe the rental price point and location should see the asset perform well for tenants and our investors alike.”
The acquisition marks Cadence’s third post COVID acquisition including the $39m acquisition of a large format retail centre in Sunshine, Victoria with the business also delivering on its growing development pipeline including the recent completion of an $80m distribution centre in NSW for Visy.