Centennial has accelerated the start of construction on the final stage of its Geebung Industrial Park in Brisbane's inner north, after completing stage one ahead of schedule and securing two new tenants including longstanding Queensland timber and building supplies group, Bretts.

One of Queensland's oldest independent businesses established in 1918, Bretts will occupy two existing warehouses spanning around 7,200sqm that was brokered by Cushman & Wakefield's Morgan Ruig over a 10-year term.

Joining Bretts is global solutions and technology group Rohde & Schwarz, committing to 2,672sq m of office and warehouse space in stage one, in a deal negotiated by Gibson Leembruggen of JLL also over a 10-year term.    

The national fund manager and developer acquired the 6.84-ha land rich site in 2022 for $30m in partnership with global investment house KKR, for its Build to Core Fund.

When stage two is completed in the first half of 2025, the industrial park's end-value will be in the vicinity of $120m.

According to Centennial's Head of Institutional Funds, Alex Edwards, the company was delighted with the rapid progress of the Geebung estate's transformation from an under rented B-grade facility into an institutional grade industrial asset, being built by leading Queensland company, McNab Constructions.

"Stage one was completed a month ahead of schedule in September, enabling us to ramp up construction of stage two, and capitalise on the continued under-supply in the industrial market for well-located, new or modernised tenancies in Brisbane's inner northern suburbs," Mr Edwards said.

"We're also very pleased to welcome one of Queensland’s oldest established building and supplies groups, Bretts, expected to move into two refurbished warehouses, on the eastern perimeter of stage two in February 2025, together with Rohde & Schwarz, which operates in around 70 countries. 

"Now that stage one is complete and stage two underway, we are seeing strong interest from tenants looking for new or modernised premises offering 4-Star ESD features, flexible warehouse and office spaces, along with multiple container height options and heavy vehicle manoeuvrability," he added.

Agents responsible for negotiating the new tenancy deals, Morgan Ruig of Cushman Wakefield and Gibson Leembruggen of JLL, said both parties were drawn to Geebung Industrial Park based on its ease of access and connectivity to the major arterial routes including the Gateway Motorway and connections to the port, airport and CBD - all crucial to both businesses' operations.

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