Greystar Offloads Pinkenba Site in Brisbane Industrial Blitz

US build-to-rent developer Greystar has sold off its 28,823sq m site at Pinkenba in Brisbane’s Australia TradeCoast in an off-market deal. The industrial landholding at 175 Dutton Road, Pinkenba, sold for $20.2 million to a local investor, which is expanding its footprint in that area. JLL’s Gibson Leembruggen inked the deal on behalf of the US-based developer. “This sale reinforces the strength of investor sentiment in the Pinkenba industrial corridor,” Leembruggen said. “The [undisclosed] buyer recognised the site’s long-term value given its proximity to the Brisbane Airport, Port of Brisbane, and the Brisbane International Cruise Terminal. “These key drivers have underpinned the significant demand and capital growth in this precinct over the past two to three years.” Leembruggen said JLL had introduced the sitting tenant, which recently renewed its lease and provided income stability with the flexibility for the private buyer to develop the site down the line. He said the combination of secure holding income and the strategic location made the site particularly attractive to the long-term investor. “Pinkenba continues to see strong hardstand demand, supporting the rationale for longer hold periods with development upside in this corridor,” Leembruggen said. Limited supply in the area, which is well serviced by major transport infrastructure, continued to drive capital inflow to the ATC. Meanwhile, Victorian industrial developer and investor Cadence Property Group has bought a prime logistics property at 2-56 Australand Drive, Berrinba, Queensland. The 9.56ha property comprised two warehouse facilities totalling 41,318sq m of gross lettable area, with about 43 per cent site coverage and substantial hardstand space. ▲ The value-add Berrinba acquisition is the group’s first buy in Brisbane in five years. Cadence Property Group chief executive Charlie Buxton said it offered strong functional appeal and long-term adaptability, and was the group’s first acquisition in Brisbane since 2020, a region in which Buxton said they had high conviction. The logistics property is serviced by major arterials, including the Logan Motorway, Gateway Motorway and Ipswich Motorway. Buxton said the transaction exemplified Cadence’s value-add investment strategy and ability to source off-market opportunities with attractive pricing fundamentals. “This is a strategic acquisition that aligns perfectly with our value-add mandate,” Buxton said. “We’re acquiring a high-quality asset in an excellent location, with low site coverage, strong underlying land value and compelling design features. “Importantly, we’re buying well below replacement cost in a submarket supported by continued rental growth and constrained supply.” The acquisition represents the first investment for Cadence Australian Real Estate Partnership II (CAREP II) and was undertaken alongside private investors through the Cadence Direct Industrial Trust No. 6 (CDIT 6). It is Cadence’s second discretionary value-add fund, designed to invest in well-located industrial assets across Australia’s core east-coast markets. This first acquisition sets a strong foundation for the fund’s strategy, focusing on quality properties with embedded value potential and operational flexibility.

Greystar Offloads Pinkenba Site in Brisbane Industrial Blitz

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