One of the largest industrial land sales in Brisbane’s western corridor this year has just transacted, with a property sold in the Citiswich Business Park in a deal negotiated by Knight Frank’s Mark Clifford.

The 21-hectare parcel at 88 Hume Drive in Bundamba was sold by Walker Corporation, who developed the master planned estate.

It was purchased by Aliro Group, with the site now set to be subdivided into a multiblock development, with lots ranging upwards in size from two hectares.

The deal was struck almost 12 months ago, and has recently settled upon completion of the fully serviced 21-ha parcel.

The sale is the biggest single lot sale in the Citiswich Business Park, which is Queensland’s largest mixed-use industry and business estate, and has been delivering industrial property solutions for more than 15 years to major industrial occupiers and developers.

Situated half an hour southwest of Brisbane, the 350-hectare estate is home to major companies including Costco, SAAB Australia, TAE Aerospace, The Reject Shop, World Gym and Caltex’s Bundamba Travel Centre.

The property was one of the last remaining sites that Walker Corporation had for sale on the southern side of the highway. This has fast tracked Walker to lodge an application with Ipswich Council for the final stage of the Citiswich Business Park which will include a new land subdivision offering a total of 50 hectares of serviced and benched lots to be released later this year.

Walker Development Manager, Todd Martindale said: “Citiswich continues to evolve as one of South East Queensland’s premium master planned estates that caters for a wide mix of corporate business and industry uses. Occupiers continue to see the benefits of establishing at Citiswich, with these next developments to be well placed to provide increased employment opportunities for the ever-increasing population growth in the Ipswich region.”

Mr Clifford said: “Walker’s have been in this estate for the long haul, and are now seeing some great rewards for an ongoing commitment in delivering this large-scale, master planned estate that sits is a superb strategic location, at the junction of three of the major highway routes, being the Ipswich Motorway, Warrego and Cunningham Highways.

Given the growth in Brisbane’s western corridor, the high level of demand from industrial users in this location and the lack of industrial land in the Brisbane area, it’s clear to see that Citiswich is in high demand.”

Mr Martindale confirmed: “With a combination of factors including an ongoing mandate from business to improve supply chains, the extreme shortage of land supply in the greater Brisbane area, along with high costs to build new industrial land subdivisions, it is expected that land rates well in excess of $500 per square metre are now the new benchmark for serviced industrial lots of one hectare-plus, still being very competitive against the more costly Sydney and Melbourne land markets.”