CBRE says Burndy Cable Support Systems has signed a 9200 sqm precommitment at Centennial’s Acacia Ridge Industrial Park which will bring three Brisbane sites under one roof.
It notes the commercial construction applications company has signed a 10-year lease for the 131 Beenleigh Road facility because it needs more space due to an increase in its infrastructure projects nationwide.
The investment management firm’s Jack Hardy, Peter Turnbull and Myles Clensmith introduced the Burndy CSS commitment, which is the first since Centennial bought the site and relates to the largest tenancy in the development.
Jack says the property originally went to market in late 2020 when Burndy CSS wanted to combine its three Acacia Ridge warehouses, but it has taken a long time to consolidate.
“The sticking point at the time was that Burndy wanted to stay in Acacia Ridge given the area’s proximity to both its existing customer and employment base and surrounding road infrastructure, but no suitable options were available,” Jack says.
“That all changed in 2021 when Centennial acquired Acacia Ridge Industrial Park last year – seizing an opportunity to repurpose an existing 4.7 ha estate at below land value, in one of Brisbane’s oldest but most sought-after industrial markets,” he adds.
“While land shortages have led to a lack of new industrial developments in Acacia Ridge, Centennial has adopted a highly innovative approach and been able to repurpose rather than knock down and have lifted the roof on the existing warehouses by five metres to 11.2 m in order to suit occupier requirements – something that hasn’t been done before in the Queensland market.”
Paul Ford, Centennial Executive Director, and CEO says the new leases were pivotal in the continued delivery of Centennial’s “land rich, mid-space” strategy.
“The Burndy CSS commitment has proven the current market’s strong appetite for flexible, infill/last mile industrial and logistics facilities and Centennial’s ability to innovate,” Paul says.
CBRE says while the Burndy CSS rental has not been disclosed, market rents in the area range between $100 per sqm to $120 per sqm.
It adds that the freestanding facility includes a 200 sqm office and a large, dedicated hardstand and yard for external storage purposes.
The estate is also close to Beaudesert Road and the Ipswich and Logan Motorways.
It notes approximately 14,000 sqm of space is still available for lease and predicts construction there will be completed by mid-year.
It says the 4.66 ha estate is situated in Brisbane’s inner ring industrial precinct, 30km south-west of the Port of Brisbane, 27km south-west of Brisbane Airport, 13km south of the Brisbane CBD and 1km north-east of the Acacia Ridge (Linfox) freight terminal.
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