Charter Hall Group’s $13 billion Charter Hall Prime Industrial Fund (CPIF) has purchased a 17.5-hectare industrial site on Harcourt Road, Darra, for $80.55 million. The acquisition will pave the way for a $350 million logistics precinct, reinforcing the company’s investment in Brisbane’s southwest.
The newly acquired site is adjacent to Charter Hall’s existing $250 million ConnectWest Industrial Estate, which houses major tenants such as Australia Post, Goodman Fielder, and Cascade. With bulk earthworks already completed, CPIF is preparing to lease the site to tenants looking for large-scale logistics and industrial space.
Strategic Location and Development Plans
The Darra site sits at a key transport junction, connecting the Ipswich and Centenary Motorways, making it an attractive option for third-party logistics providers, manufacturers, and direct-to-customer businesses. Charter Hall plans to develop approximately 100,000 square metres of gross lettable area (GLA) within the estate, offering flexible configurations to meet tenant demand.
Charter Hall Managing Director and CEO David Harrison highlighted the significance of the project, stating that the acquisition enhances the company’s capacity to cater to businesses requiring lettable areas ranging from 10,000 to 100,000 square metres.
Brisbane’s Industrial Market Outlook
The demand for high-quality industrial space in Brisbane remains strong. According to JLL’s Brisbane Industrial Market Report for Q3 2024, 227,500 square metres of new industrial developments were completed in the region—more than double the 10-year quarterly average. Prime net face rents in Brisbane’s southern precinct are forecast to rise to $152 per square metre annually, with steady growth projected through 2028.
Despite broader economic uncertainties, Brisbane’s industrial sector continues to attract investment, with Charter Hall divesting smaller assets worth $500 million over the past 18 months to focus on larger-scale developments like the Darra logistics estate.
Next Steps for the Project
With the site now in Charter Hall’s portfolio and ready for leasing, the company is set to commence development immediately. The project will provide modern, high-quality logistics infrastructure catering to evolving business needs, strengthening the role of Darra as a key industrial hub in Brisbane’s southwest.
Published 14-Feb-2025