Garda Capital Limited (GARDA) has launched a new strategic relationship with Development Directive through the $5.9 million acquisition of an industrial site in Wacol.

Pursuant to the strategic relationship, Development Directive identified and secured a 4.1-hectare site at 498 Progress Road in Wacol on behalf of GDF and has since lodged a development application for three warehouse buildings with a total lettable area of 17,000sqm.

GDF now has almost $350 million of industrial and commercial property assets under management including six properties in the sought-after Brisbane industrial suburbs of Berrinba, Heathwood, Lytton, Pinkenba and Wacol.  

At a glance: 

• Development Directive has secured a 4.1 hectare site at 498 Progress Road, Wacol on Garda Capital Limited for  $5.6 million.
• The acquisition is part of a new strategic relationship between the two companies.
• Three architecturally-designed freestanding buildings are planned for the site.

The new Wacol acquisition is in line with GARDA’s strategic move towards “building to own” its assets, primarily in the Melbourne fringe office market and the undersupplied southern western corridor of the Brisbane industrial market.  

Development Directive is a full-service property firm offering an end-to-end solution, including identifying developable sites, arranging approvals and project management through to delivery of the finished product.   

GARDA Executive Chairman Matthew Madsen said that he was delighted GARDA’s new relationship with Development Directive was already delivering results for both parties.  

“GARDA and Development Directive had independently identified the potential of Brisbane’s south-western corridor," he said.

"The location is right, zoned land is available and demand for turn-key product is on the rise as overall market conditions continue to improve. 

"Combining GARDA’s capital and strategic direction with Development Directive’s proven capabilities and market knowledge was a logical step.”

Development Directive Director Lachlan Macgregor said the project would provide the market with much needed stock to meet current demand. 

"It is strategically located to take advantage of the extensive upgrades to Progress Road, the Ipswich Motorway and Boundary Road and will ultimately boast three architecturally designed, freestanding buildings ranging in size from 3,500sqm to 7, 200sqm.

Pending approvals, earthworks are expected to commence in the last quarter of this calendar year with construction of the proposed buildings expected by January 2020.

Development Directive has appointed King & Co and CBRE to lease the buildings.

Similar to this: 

Ronis Variety Discount Stores secures new Wetherill Park distribution centre

Acacia Ridge industrial portfolio trades for $42.08 million

Brisbane inner city office building expected to generate 'strong buyer demand'