ICP National Property Guide | Edition 18

QLD PROPERTY MARKET REVIEW

Kyryl Koltsov from FAL PROPERTY GROUP

In the Brisbane industrial real estate sector, the last quarter of 2023 saw a decrease in occupier take-up due to limited property availability.

Pre-lease transactions accounted for a significant portion of leasing activity, driven by ongoing speculative development in Brisbane. Throughout 2023, total gross take-up exceeded the 10-year average, with the Outer South Brisbane area experiencing the highest concentration of leased space. However, forecasts suggest a slight decline in take-up for 2024 as occupiers reassess expansion plans amidst softer consumer sentiment and an extremely low vacancy rate in Brisbane. The transport, postal, and warehousing sector dominated leasing transactions. Demand for space mainly came from occupiers within these sectors, as well as the retail trade and manufacturing industries, driven by the expanding e-commerce sector.

On the supply side, higher levels of new space are expected to come online over the next two years, with elevated speculative developments and low vacancy rates driving a 50% increase in new supply completed in 2023 compared to the previous year. However, developers are demanding significantly higher rents to ensure project feasibility, potentially impacting the amount of new space being built.

Investment transaction volumes remained limited in the last quarter of 2023, with uncertainties surrounding interest rates and economic outlooks contributing to market hesitancy.

“... higher levels of new space are expected to come online over the next two years, with elevated speculative developments and low vacancy rates driving a 50% increase in new supply completed in 2023 compared to the previous year.”

Kyryl Koltsov, FAL Property Group

FOR SALE 21,000 SQM LEVEL DEVELOPABLE LAND WITH WEIGHBRIDGE

250 Bowhill Road, WILLAWONG QLD

• 31,700 sqm of level site with house & shed

• Over 21,000sqm of clear developable area

• New 150 tonne weighbridge

• Includes House/office in excellent condition

• B-double truck access

Located in the growing industrial hub of Willawong, close to Beaudesert Road for easy links to major arterial connections, including the Centenary Highway and the Gateway and Logan Motorways. The site is cleared, level and fully fenced. Currently leased to various tenancies totalling $350,000 p.a. approx. net income.

31,700 sqm

CONTACT

John Andrew

0488 018 998

john@falproperty.com.au

FOR LEASE PRIME LOCATION WITHIN NORTHWEST PLAZA

• 51 to 150sqm tenancies available

• Located in the retail hotspot of Everton Park

• Multiple tenancies

This exceptional leasing opportunity features retail units from 51 to 150 sqm within the bustling Northwest Plaza, a premier shopping and service destination just 9kms north of the Brisbane CBD. Anchored by a high-performing Woolworths, alongside Goodstart Early Learning and Stanford Swim School, this vibrant centre is a magnet for foot traffic and regular patronage. The plaza serves as a central hub, complemented by nearby facilities like the Everton Park Hotel, North West Private Hospital & Specialist Centre, and prominent educational institutions.

• Large office/warehouse

• Excellent arterial road connections

• Close to Brisbane Markets at Rocklea

• Two secure yard areas

Situated in the well-established industrial precinct of Rocklea, only 14kms from Brisbane’s CBD and close to Brisbane’s Rocklea Markets, this property has excellent arterial connections with direct access to the Ipswich Motorway and via Sherwood and Fairfield Roads.

The building features a large 1,400sqm office / warehouse space with two secure yards. Please note that the coldrooms as pictured in the warehouse have since been removed.

15 MAYNEVIEW STREET, MILTON, QLD

$204,750 p/a Gross

• Ground level office with fully fitted workstations for

• Boardroom, kitchen and server room

• End of trip facilities with lift access to parking lot

• 13 car spaces at $250/month each + GST

You are viewing a prime opportunity to get into the Milton precinct with this handsome cornerstone ground floor position. Just steps away from Suncorp Stadium (or Lang Park for the oldies), you will quickly discover a host of amenities nearby including Newstead Brewing and coffee shops as well being easy walking distance to Milton Train Station and efficient Bus services on nearby Milton Rd. Flood free position.

FOR LEASE OFFICE/WAREHOUSE WITH HARDSTAND

$1,149,070

• Huge internal clearance up to 10.2m

• Massive 18,050sqm site

• Excellent warehouse access via multiple roller doors

• Full drive around Double B truck access

Situated in a prime spot in Rocklea, one of Brisbane’s best industrial precincts, this facility will suit a number of logistical operators. With strategic access to the Ipswich Motorway and other arterial links

including Beaudesert Road, as well as easy access to Archerfield Airport, this massive freestanding facility provides a variety of options. This functional warehouse features a generous internal clearance, well presented commercial grade office and amenities, 800amps per phase, fully sprinklered, full drive around truck access, plus multiple roller doors and large awning for all weather loading.

FOR LEASE HIGH BAY OFFICE/ WAREHOUSE IN ARCHERFIELD

UNIT

91,

• Three phase power

• Electric roller doors

• Internal clearance 6.0-8.2m

• Immediate access to the Ipswich Motorway

NSW PROPERTY MARKET REVIEW

MaTTHEW HERRETT from link property services

A new year and the market certainly feels different.

Demand across a lot of western Sydney has returned, after slowing toward the end of 2023.

The central west and mid west markets of Sydney are particularly busy with demand buoyant and seemingly eager to conclude lease transactions. In line with demand returning, so have stock levels. In all areas of western Sydney, we are seeing higher stock levels than we had become accustomed to, particularly in the 2,000 to 10,000sqm size range. South Sydney remains much the same as it was in Q4 ’23, with demand being pensive and stock remaining at a steady supply, with new, multi level industrial opportunities in Alexandria being completed.

Quality property for sale remains in tight supply, with demand from purchasers still outstripping supply, maintaining pressure on pricing, despite being at the top of the interest rate cycle. With the likelihood the interest rate and inflationary cycle may be transitioning, we expect demand to be maintained as purchasing power and business confidence returns to the market.

There remains significant reversionary rental to wash through the market as existing leases with market reviews falling in 2024 & beyond impact passing rents. Outgoings are also adding pressure to tenants on net leases, with insurance and land tax making themselves felt.

“The central west and mid west markets of Sydney are particularly busy with demand buoyant and seemingly eager to conclude lease transactions. In line with demand returning, so have stock levels.”

Matthew Herrett, Link Property Services

FOR LEASE HIGH QUALITY OFFICE/SHOWROOM/WAREHOUSE

• Street frontage unit

• High clearance warehouse

• Two container height roller shutters

Modern ten unit office/warehouse complex completed around the mid 1980’s, the estate was strata titled in 2005. Each unit features high clearance warehousing (approximately 6.3-8.7m internal clearance for Unit 7) which is accessed via two container height roller shutters. The unit features first floor office accommodation which is carpeted and air-conditioned, as well as a ground floor office/showroom, which is also air-conditioned and carpeted. There is ample parking provided with each unit, with a large secured parking lot at the rear of the site with a total of 17 allocated car spaces for Unit 7. This is a great opportunity to locate your business in the heart of South Sydney with Street frontage to Ellis Avenue and a short walk to Mascot train Station.

•

•

•

•

The estate is specifically designed to suit occupiers that are likely to take advantage of the sites proximity to the port and airport, with excellent truck maneuvering due to the extra wide driveways. The unit features internal clearance up to 8.1m and is

via three (3) container height roller shutters. The unit also enjoys a rear hardstand area of

FOR LEASE FULLY REFURBISHED FREESTANDING FACTORY

• Completely refurbished freestander

• Minutes to Airport & Port Botany

• Suits a variety of potential users

• Three off-street car spaces

This well-located, freestanding factory provides a recently refurbished office on a mezzanine level as well as a small ground floor reception. Amenities on the ground and mezzanine level have been completely refurbished in late 2023, as has the mezzanine office area, which has been freshly painted and carpeted, along with all new cabling throughout and 200amps of power. The warehouse area provides a regular shaped configuration and there is an additional mezzanine storage area along part of the southern wall. The property also provides a grease trap on-site. The warehouse floor has been freshly coated with epoxy flooring.

FOR LEASE QUALITY OFFICE/WAREHOUSE

• Two units - 275sqm & 289sqm

• Near new office/warehouse

• Close to air & sea ports

• Street frontage

The development provides four (4) high quality office/warehouse units that were completed in July 2017. The units all feature full height concrete walls and each unit provides street frontage and internal warehouse clearance up to 8.6m.* North facing, air-conditioned office accommodation is provided on a mezzanine level as well as a small ground floor area suitable for additional office or showroom use. The units enjoy excellent truck access and each unit is provided with three (3) off-street car spaces. The development is fully fenced and gated with each unit also providing an intercom for additional after hours security.

FOR SALE FREESTANDING WAREHOUSE IN PRIME LOCATION

• Functional office / showroom + warehouse

• Prime location close to WestConnex

• Self-contained café on-site

This property is located on the eastern side of Euston Road, with a substantial street frontage. Easy access to Sydney CBD, St Peters train station, Green Square precinct, Sydney Airport and Port Botany. The property is also located in close proximity to the West Connex St Peters Interchange, which provides great access to the western and south western regions via the new M8 Motorway. The building provides quality warehouse accommodation, with internal clearances that generally range from 5.4m to 11.8m. The warehouse is accessed via two container height roller shutters, with the northern access providing an awning for all weather loading and unloading. Office accommodation is located on both ground and mezzanine level and is air-conditioned and carpeted. The amenities have also been recently refurbished. All new LED lighting has been installed throughout both the warehouse and office accommodation.

FOR LEASE FREESTANDING 2,241SQM FACILITY

• High profile location

• Ample hardstand for containers and parking

• Signage opportunities

• Two level parking and ample allocations

Unique opportunity for bulky goods/retail & industrial users to secure a freestanding showroom/office & warehouse with excellent Parramatta Rd exposure. Multi-directional access from & on to Parramatta Road. Key attributes the property benefits from include its high profile location, the excellent office / warehouse ratio for this precinct, dual access & high clearance warehouse, a large hardstand area, providing ample space for 40ft containers, only 2.8km to James Ruse Drive and within close proximity to M4 Motorway. The roller door height is 5.5m and width 4.5m (approx).

FOR SALE LAND SALE - 10.49 ha

• Close to Western Sydney Airport

• Two large street frontages

• Rare opportunity

This is a prime located site situated on Mamre Road and close to the gateway to Western Sydney Airport. Surrounding owners include Mirvac, ESR, Frasers, Fife Capital, Stockland, GPT, Gibb Group, ISPT, Dexus and Barings Real Estate, all of whom are large institutional developers. This is a rare opportunity within the Kemps Creek and Mamre Road precincts to secure a significant land holding with outstanding main road frontage -the ideal base case to commence a class leading development. Note: very few properties within this precinct benefit from similar high exposure street frontage.

•

•

•

No

VIC PROPERTY MARKET REVIEW

MATT O’DEA from FACEY PROPERTY

The new year has kicked off in a very positive manner (for the most part – back to that later). Energy levels are up, and the market feels very engaged with both sales and leasing volumes stronger than anticipated.

Some of the properties that failed to sell late last year have now transacted and it feels like there are many businesses out there looking to expand or improve efficiencies – that’s great news for our market.

Facey has a strong number of sales campaigns on the go, providing some outstanding buying opportunities, particularly for owner occupiers who have had very limited choice over the last 24 months. Pricing remains stable and we are seeing the vast majority of our buyers being well supported by the banks, when investing into industrial and commercial assets.

The leasing market remains extremely tight, with quality buildings having a short letting up period. While we felt rents may have started to plateau late in 2023, some further rental growth now looks likely and this is driven by both supply constraints, construction costs and the paragraph to follow.

The main negative aspect we are seeing on the ground here in Vic is in the area of land tax. What effect this has on the supply side of our market will be interesting to see, but this is having a serious impact on an owner’s bottom line. What will the flow on effect be? True to form, the state government haven’t thought through the unintended consequences of these taxes. Of course, costs get passed on, so pressure on rents to lift again will be on the table. Tenants who run businesses will build their extra rent into their goods and services. Consumers will ultimately bear the brunt.

This issue aside, appetite for industrial real estate remains healthy, and the resilience of this asset class should not be underestimated.

“Pricing remains stable and we are seeing the vast majority of our buyers being well-supported by the banks when investing into industrial and commercial assets”

Matt O’Dea, Facey Property

•

•

• Vacant possession

•

Facey Property is proud to offer this property for sale by way of Public Auction Thursday 22nd February, at 1pm on site (unless sold prior). Offered with vacant possession, this exceptional opportunity presents a versatile office/warehouse combination featuring a

holding yard, situated within the sought-after area of Dandenong South. This property enjoys seamless transport accessibility to

as well as other major roads and arterials. Don’t miss this rare chance to secure a prime property offering a blend of modern

and versatile warehouse space in a highly desirable location.

46

FOR SALE SUPER CONNECTED WAREHOUSE

• Under construction by Vaughan’s with a scheduled completion August 2024

• Huge 18,573 sqm of space under a 10.5m high roof

• Two levels of offices over 611 sqm

• 4 bay recessed loading dock

Assembly Drive Dandenong South is the main arterial servicing the master planned Estate One Business Park. Neighbours include Bunnings, Woolworths, BWS, Ceva Logistics, Carls Jnr, Garden City Plastics, and General Motors Holden.

LAND AREA 26,100 sqm

101a CONTACT AGENT FOR PRICING FIND OUT MORE ABOUT THIS PROPERTY BUILDING AREA 18,573 sqm

CONTACT Mark Bond 0419 386 882 mark.bond@faceyproperty.com.au Matt O’Dea 0448 566 556 matt.odea@faceyproperty.com.au

FOR SALE EXCELLENT OFFICE/WAREHOUSE UNITS

• Now available with vacant possession

• Common central driveway to a shared rear yard/car park

• Both units have solar panels and inverters included

Facey Property is proud to offer these two properties for sale by way of Expression of Interest closing Thursday, 7 March, at 4pm. Both units share a common central driveway to a shared rear yard/car park. Unit 1 has an area of approximately 780m², has airconditioned offices and a lunchroom, the warehouse has air lines, and the property includes a Telstra mobile phone tower in the rear yard that is leased out, returning $18,061pa plus GST and outgoings on a 5-year lease that expires 25/06/2028.

Unit 2 has an area of approximately 895m², including a Colorbond-clad rear extension, an air-conditioned office over two levels and ample staff amenities. Both units have solar panels and inverters included and ample three-phase outlets.

FOR SALE ATTENTION ASTUTE BUYERS

• Functional and flexible

• Warehouse with high clearance

• Excellent access for trucks

Now available for astute investors to make their own, this functional and flexible property comprises a 72m² office area with staff amenities, including bathroom and kitchen features. It also includes a versatile 411m² warehouse with high clearance of up to 6.7m, a 90m² mezzanine, an electric roller service door, high bay lights and three-phase power. Returning $59,280pa from March 2024, the lease on this industrial site began in March 2023 on a 3 x 3-year contract with 4% fixed increases. The site has excellent driveway access for trucks and large vehicles and 12 parking spaces. It is ideally located near the new Mordialloc Freeway, allowing easy access to the Mornington Peninsula and South East suburbs.

FOR SALE PROMINENT INFILL DEVELOPMENT SITE

• Located in Narre Warren’s Business Precinct

• Activity Centre Zone (ACZ)

• 1km from Westfield’s Fountain Gate Shopping Centre

A rare opportunity to secure an exceptional development site within the heart of Narre Warren’s commercial, industrial and retail community. Located less than 45 minutes from the Melbourne CBD, 15 minutes from Dandenong and walking distance to Westfield Fountain Gate Shopping Centre this site offers prospective buyers a wide range of development opportunities. Located within the City of Casey, Narre Warren is home to over 28,000 residents and is considered a major growth suburb in Melbourne’s South Eastern corridor. Key property features include; a total land area of 9,579sqm*, 1.6 km from Narre Warren Train Station, surrounded by high tech warehouses, car dealerships, office buildings, medical, hospitality, and large retailers including Bunnings, JB HI-FI and Autobarn.

FOR SALE INDUSTRIAL LAND TO BUY

• Rare opportunity

• 3/4 acre parcel

• Unbeatable access to the Princes Freeway

Rare opportunity to secure a 3/4 acre parcel ready to build on! Industrial land continues to be tightly held this 35 metre fronted allotment is perfect to build up to 2,188m² of industrial space or smaller with extra yard areas (STCA). Southeast Business Park enjoys unbeatable access to the Princes Freeway with McGregor Road interchange to the West or Koo Wee Rup Road to the East. The site is being offered with current Town Planning permit for 7 industrial office warehouses and a set of working drawings if you are keen to develop. Alternatively the site is serviced and ready to build on. Get cracking!

CONTACT

Mark Bond

0419 386 882

mark.bond@faceyproperty.com.au

Adam Strachan

0499 419 890

adam.strachan@faceyproperty.com.au

•

•

•

WA PROPERTY MARKET REVIEW

CHRIS CHESKY from MLV REAL ESTATE

Perth’s Industrial market continues to remain robust, fuelled by record demand from owner occupiers and continued strength in the resources sector.

Whilst investors appear to have adopted a more cautious outlook across the back of 2023 and going into 2024 amidst uncertainty around rising cost of debt and inflation, owner occupier activity remains buoyant, with many businesses that support the states resources sector seeking to acquire sites and construct purpose-built facilities that support their operations.

These parties, competing with private developers, traditional high net worth and institutional investors are fuelling the demand for land in core areas. Several recent land sales in the Welshpool/Kewdale area reveal rates between $550/sqm-$600/sqm for 1Ha + sites, which reflects an increase in order of 30% above pre-pandemic levels, demonstrating the continued appetite for core industrial land and setting new precedents in the market.

With record sale rates being achieve of built-form stock, driven largely by occupiers, there appears a ‘mismatch’ between buyer and vendor expectations when it comes to investment sales. Accordingly, investors have somewhat retreated from the market, and in the absence of transactional activity, anecdotal evidence suggests yield softening in the order of 25bps, taking average prime yield range to between 5.50% - 6.50%, with all but core/eastern stock considered to fall towards the upper end of this range. Secondary yields are averaging 6.00% - 7.00%.

There is still an ongoing shortage of rental stock, with vacancy at record low with rents across all grades having increased circa 35% year to date. Super prime industrial stock is achieving rates in the order of $160/sqm, prime rents averaging $130/sqm and secondary stock averaging $115/sqm.

Based on the continued shortage of stock, relative affordability of Perth Industrial rents (as a portion of businesses operating costs) and continued strength of the resources sector, we anticipate rents will continue to grow in the West, albeit at a more moderate rate.

“Several recent land sales in the Welshpool/Kewdale area reveal rates between $550/sqm-$600/sqm for 1Ha + sites, which reflects an increase in order of 30% above pre-pandemic levels,demonstrating the continued appetite for core industrial land and setting new precedents in the market.”

Chris Chesky, MLV Real Estate

FOR SALE PERTH’S NEWEST CORRIDOR DEFINING STRATA UNIT DEVELOPMENT

• Unit Areas from 178 sqm to 459 sqm

• Estate being delivered by national property developer Capital Prudential

• Will provide a brand new 46-unit strata warehouse development

MLV Real Estate and Effective Property Solutions as exclusive agents, are pleased to present ‘The Jandakot Business Park’, being 100 Prinsep Road to the market via an Expressions of Interest campaign. Be a part of one of Perth’s Southern Corridors significant and most impressive multi-unit developments to date. We encourage both investors and owner occupiers alike to take part in the opportunity to secure a property in a precinct with high profile future developments and sustained growth forecasted.

•

•

•

MLV

FOR SALE HIGH POWERED INDUSTRIAL INVESTMENT

8 Meliador Street, MIDVALE, WA

• 10 year lease expiring in 2031

• Quality office and high powered workshop

• Approx. power supply of 500amps and 5-tonne gantry crane

• Prominent freehold 2,091sqm site

MLV Real Estate presents the opportunity for investors to acquire this modern office & workshop facility and quality investment, with a 10-year lease expiring in 2031. Midvale is considered to be among Perth’s premier industrial precincts, underpinned by the growth of Perth’s north eastern corridor. Its situation approximately 25km north east of the Perth CBD via Great Eastern Highway and proximity to key transport networks makes it an extremely sought after destination for tenants and occupiers alike.

CONTACT

Chris Chesky

0478 107 051

cchesky@mlv.com.au

David Lamb

0411 597 952

davelamb@mlv.com.au

FOR SALE EXPANSIVE LAND PARCEL WITH SIGNIFICANT EXPOSURE

Lot 200 Edison Circuit, FORRESTDALE, WA

• Increasingly popular industrial location

• Extensive Frontage (309m) to Edison Circuit

• Bonus 9,438 sqm can be used for commercial vehicle / car parking

Situated approximately 22 km’s south-east of the Perth CBD, the subject is located within the established Industrial precinct of Forrestdale. Forrestdale has quickly become a coveted Industrial park servicing the southern metropolitan area with easy access to major arterial roads. With larger parcels in limited supply through out Perth, this presents an excellent opportunity for an owner occupier or astute investor/developer. The parcel constitutes a significant land holding of 26,143 sqm with approximately 16,705 sqm being developable. CONTACT

Stefan Quaresimin

0421 929 686

squaresimin@mlv.com.au

David Lamb

0411 597 952

davelamb@mlv.com.au

FOR SALE KEWDALE ‘CORE’ INDUSTRIAL INVESTMENT

Unit 3/524 Abernethy Rd, KEWDALE, WA

$1,195,000 (GOING

• Quality leased office warehouse unit

• Leased to an established National company

• Located in one of Perth’s premier industrial suburbs

MLV Real Estate presents the opportunity for investors to acquire a quality leased office warehouse unit in ‘Imola Business Park’, a high profile commercial and industrial development in one of Perth’s premier industrial suburbs.

Leased to an established National company ‘Handley Surveys’ until August 2025, Unit 3 comprises a modern ground level

strata office/warehouse unit that presents to an excellent standard and offers versatile accommodation.

48 Greenwich Parade, NEERABUP, WA

CONTACT AGENT FOR PRICING

• 8,010sqm Site Area

• 240sqm* Office, across two levels, with reception and aircon throughout

• 1,657sqm* Warehouse

• 1,054sqm* Covered Storage

• 540sqm* Canopy Area

• Approximately 3,200sqm High Quality Hardstand

This premium industrial property is located in the expanding Meridian Industrial Estate and will suit a variety of uses.

Previously utilised as a Bunning Trade Centre, the property is well suited to facilitate logisitics.

CONTACT

Chris Chesky

0478 107 051

cchesky@mlv.com.au

INDUSTRIALCOMMERCIALPARTNERS.COM

Whilst every care has been taken in respect of the information contained herein, no warranty is given as to it accuracy. Prospective Purchasers / Tenants should make their own enquires to satisfy themselves of all aspects of the contents. Proves may be subset to change without further notification. All measurements are approximate. All prices exclude Outgoings and GST unless stated.