John Potter buys Australia TradeCoast site
John Potter has snapped up an Australia TradeCoast site for a small strata industrial project.
The ex-workshop at 344 Fison Avenue East, Eagle Farm, is setting the diversified builder’s Potter Group back $5.575 million excluding GST.
Agents closed an expressions of interest campaign for the 3710 square metre General Industry B site, in November.
Vacant, with 1643 sqm of improvements including a metal clad warehouses with modern offices, it was expected to attract investors and occupiers.
The quality of the strata units – which could hit the market this year – is expected to be premium.
Eagle Farm is about eight kilometres from Brisbane’s CBD.
Australia TradeCoast is a c1892 hectare precinct allocated for high impact industries.
Only developable block in town
The Fison Ave property was the only one in Eagle farm offered with vacant possession, Colliers’ Angus Yule, who brokered the deal with Bowen Wang, said (story continues below).
“With the Australia TradeCoast being a land constrained market, we see heighted demand that has resulted in strong sales results…with this site achieving a land rate over $1500/sqm,” he added.
“Over the past decade, raw industrial land values in the Australia TradeCoast have risen 136 per cent including a 57pc increase in the last five years, highlighting the area’s high demand and limited supply,” according to the executive.
Mr Wang added capital values in the area are 20-25pc higher than other Brisbane industrial precincts.
Occupiers include Australia Post, AutoNexus, Bevchain, DHL, EB Games, GJames, GWA, Linfox, Mainfreight, Reece, Sci-Fleet, StarTrack, Tesla, Toll and VideoPro, he added.
The deal comes four years since Potter paid $2.8m for an ex-skating rink at Bundall on the Gold Coast, where it is headquartered, to repurpose as an industrial investment.
John Potter, a developer for over four decades – also builds residential – as far south as Victoria.
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