CBRE says privately-owned development and civil infrastructure company Hannas has launched a premium $66 million industrial estate in Sydney’s Brookvale.
The 101 Old Pittwater Road site in the Northern Beaches is in what CBRE notes is a tightly held market. It says a total of 34 warehouses and 46 storage units have been proposed for the multi-level Rockwater Brookvale estate.
It adds that within a fortnight of the estate going onto market, there has been $34 million worth of sales, with only 12 warehouses remaining, Level 1 sold out and storage units in high demand – each going for record prices.
“Our strategy for Rockwater Brookvale is to provide the same premium-grade aesthetic as Arc Lane Cove, so occupiers won’t feel like they’re in a traditional industrial estate,” Danny Hanna, Hannas CEO, says.
“What we learnt from Arc is that there’s significant occupier demand for a premium work experience that seamlessly integrates warehousing, modern offices, and storage space across a range of sizes,” he adds.
He says Brookvale is also in dire need of new industrial stock, and that he is proud to be delivering the project.
He adds that the group has an aggressive growth strategy and is targeting projects across greater Sydney and South-East Queensland.
CBRE notes the Northern Beaches strata development follows the success of a similar $75 million Hannas project, Arc Lane Cove.
It says within months of Arc Lane Cove’s 2021 launch, all the warehouses were sold off the plan and half of the storage units were purchased a year before the estate was completed.
The investment management firm says it steered the successful Arc Lane Cove launch and is also driving the Rockwater Brookvale campaign with Shore Commercial, a local agency.
“We’re seeing huge demand for premium commercial/industrial space with a high level of functionality,” Caris Kinsella, Negotiator, Industrial & Office Parks at CBRE, says.
“There is a scarcity of this type of product, and we expect to field significant occupier and investor interest given the tightly held nature of the Brookvale market,” she adds.
CBRE says Rothelowman, an industrial architecture firm designed the 6577 sqm development, which embraces a functional, coastal aesthetic featuring an abundance of natural light, raw concrete and lush landscaping across the only new industrial estate being developed in the area.
“Rockwater sets a new design benchmark for strata industrial and storage units in Brookvale,” Martin O’Brien from Shore Commercial, says.
“It will cater to increased demand from smaller local businesses wanting to owner-occupy, as well as investors seeking to secure a foothold in this tightly held location.”
CBRE says the three-level complex is expected to offer 4637 sqm of industrial space, incorporating units ranging in size from 98 sqm to 267 sqm.
It notes the remaining 1940 sqm of space will be dedicated to storage in units sized from 26 sqm to 106 sqm.
It says the development approval is anticipated in November, with completion expected in Q4 2023.
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