Centennial has secured a seven-year lease with national metal manufacturing tenant Wear Liner Solutions for a new speculative industrial facility at its Murarrie Industrial Park, amid continued tightening in Brisbane’s Australia TradeCoast industrial submarket.
The 2,154 sqm facility at 980 Lytton Road includes an 1,851 sqm warehouse, two levels of office space totalling 303 sqm, on-site parking, slab upgrades to accommodate B-double access, and a 10-tonne gantry crane. Wear Liner Solutions supplies the mining, construction and agricultural sectors nationally. The lease was negotiated by David Gibson and Henry Devine of Modus Property Group.
Centennial Head of Funds Management, David Cupit, said the site was acquired for the company’s EVP fund to take advantage of strong demand and limited supply in the precinct.
“Our specific intention for the site was to roll out our value-add Metro I+L strategy by upgrading an existing warehouse and facilities,” Mr Cupit said. “We also took the opportunity to transform underutilised open space surrounding the warehouse to develop a new institutional-grade warehouse to make the most of the site’s location within the TradeCoast.”
Mr Cupit said the property’s proximity to Lytton Road, the Gateway Arterial, and the Port of Brisbane Motorway contributed to the tenant’s selection of the site.
Centennial is also marketing a refurbished 3,062 sqm warehouse within the estate, comprising logistics space, storage, office areas totalling 426 sqm and new loading infrastructure including a recessed dock and additional roller shutters. Mr Cupit said recent upgrades were expected to support leasing activity.
Cushman & Wakefield’s Q3 industrial and logistics report recorded Brisbane’s overall industrial vacancy at 3.7 per cent, with core infill precincts such as the TradeCoast inner south and inner north registering 2.8 per cent. Mr Cupit said the report’s findings aligned with strong leasing interest from transport and logistics, manufacturing and construction-related sectors.
