Two major leases have been announced by JLL before construction has commenced at Pinnacle West on Progress, a 'build to own' industrial development brought to market by ASX-listed integrated property funds management and real estate group GARDA Property Group (GARDA).

The leasing deals were negotiated by JLL Director of Industrial Services Queensland, Sam Stewart and his colleague Associate Director, Industrial Queensland, Harry Homan.

Pinnacle West on Progress is at 498 Progress Road in Brisbane’s industrial hub of Wacol.

The two deals reflect demand in the market, and the lack of quality 3,000sqm to 5,000sqm A-Grade facilities available across the southern industrial precincts, according to JLL’s Harry Homan.

“Global belting company Rydell Beltech has committed to Tenancy 1, Building B on a 10 year lease. This is a 3,664sqm space and is a result of the company both expanding and amalgamating,” said Homan. “They will move to Pinnacle West from two smaller buildings, with the move a flight-to-quality relocation as well for them.”

National freight carrier Tasfrieght will similarly call Pinnacle West on Progress home, moving from smaller premises in Wacol to a larger 4,486sqm tenancy on a seven year lease.

Both deals were finalised at a rate of $125sqm.

“Pinnacle West on Progress was set to be speculatively built by GARDA, however the entire estate has been leased prior to construction commencing, a sign of the demand in the market, and the lack of this type of stock.”

The estate is the newest premium real estate addition in south-west Brisbane’s thriving industrial precinct, meeting significant demand. Located directly off Progress Road and where the Logan Motorway, Ipswich Motorway and Centenary Highway meet, it provides seamless access to the Brisbane CBD and surrounding regional centres. It is ideal for businesses that value ease of transport and access by providing all-turn intersections and drive-through access to two B-double approved frontages: Progress Road and McRoyle Street.

It has been designed to be fit for purpose for the end industrial user and provides substantial hardstand and maneuvering space.

“GARDA is now about to start earthworks on their next estate, “Pinnacle East”, which is two doors up on Progress Road with significant pre-lease activity already on site. This development is due for practical completion in late 2023 and will accommodate tenancies from 2,800-9,000sqm across 2 buildings. The complex will also feature two street frontages with a new estate road linking Progress Road with Mcroyle Street,” said Homan.

GARDA is currently managing 18 commercial and industrial real estate sites around the country that have been independently valued at $639.4 million. Six of these sites include properties in the sought after Brisbane industrial suburbs of Berrinba, Heathwood, Pinkenba and Wacol. Pinnacle West on Progress will be delivered in partnership with full-service property advisory, Development Directive.

To request a lease analysis please contact the leasing agents via the below contact details. 

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