Charter Hall Group (Charter Hall or the Group) announce that its $13 billion Charter Hall Prime Industrial Fund (CPIF or the Fund) has acquired a prime Industrial development site at Harcourt Road Darra, for $80.55 million, which will be developed into a $350 million estate upon completion.

The 17.5-hectre site is located within the prime infill logistics precinct of Darra, 12 kilometres southwest of the Brisbane CBD and at the junction of the Ipswich and Centenary Motorways. The vacant site will be developed into a state-of-the-art logistics estate of approximately 100,000sqm of GLA, with the opportunity for flexible configurations to cater for tenant demand.

The acquisition builds on Charter Hall’s deep knowledge of the area, having previously developed the adjacent $250 million ConnectWest Industrial Estate which attracted major customers such as Australia Post, Goodman Fielder and Cascade. 

With bulk earthworks completed, CPIF will immediately make the site available to tenants and capitalise on the strong demand for ‘shovel ready’ sites. 

As one of the last remaining large-scale development sites in the inner south-west, it is highly attractive to third-party logistics occupiers, direct-to-customer businesses, and high-end manufacturers. 

Charter Hall Managing Director & CEO David Harrison, said, “This strategic acquisition strengthens our capacity to service the full breadth of the Brisbane industrial and logistics market, and underscores our continued conviction for greenfield development sites appealing to customers from 10,000 up to 100,000 m2 of lettable area.” 

CPIF Fund Manager Jack Walters, said, “The acquisition of this land in Darra is in line with CPIF’s strategy to invest and develop well-located, serviced and zoned land, enabling the Fund to continue to provide investment grade accommodation for tenant customers demanding brand-new, high-quality, sustainable logistics.”

The sale was brokered by Cushman and Wakefield’s Tony Iuliano and Gary Hyland.

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