Bold plan revealed for huge ex-Australia Post site
A MELBOURNE-based developer has staked its biggest claim in Queensland with medium-term plans for a massive mixed-use development south of Brisbane.
Victorian Investments Management Group has paid $26 million for the former Australia Post Queensland distribution centre, which sits on a sprawling 9.78ha site at Underwood.
It comprises an existing 24,873sq m industrial facility, which was home to the postal service for 25 years until its distribution operation was relocated to Redbank late last year.
The Beenleigh Rd property changed hands in a recently settled transaction and a development application already has been lodged for the redevelopment of the site.
A detailed masterplan submitted with the application reveals a proposed mixed-use precinct with residential lots and buildings up to 8 storeys as well as a village green.
It includes a tavern, a 2 to 3-storey medical centre, 133 townhouse lots, a 7-storey 56-apartment building for short-term accommodation, two 8-storey retirement living buildings with a total of 204 apartments and an 8-storey aged care facility
VIMG's development manager Leo Primus said the Underwood site was the group's largest acquisition in Queensland to date and it was excited to be investing into the future development of the area.
"We are looking forward to working with the local community to develop a high-quality mixed-use precinct," he said.
"Our intention is to land bank the site for the short to medium term and we are in discussions with a number of tenants to take advantage of the considerable logistics infrastructure onsite."
Mr Primus said a development application had been lodged with the proposal featuring medium density residential - including retirement/aged care - along with commercial, medical and retail uses.
"We chose the site because of its location, positioned in the Brisbane's southern growth corridor and alongside Underwood Marketplace Shopping Centre" he said.
The substantial holding at 1677 Beenleigh Rd was taken to market via an expressions of interest campaign by Simon Beirne, Anthony White and Brendan Hogan from Colliers International.
"A range of industrial groups as well as local and offshore developers showed strong interest in the property thanks to its Specialised Centre zoning which allows for flexible uses," Mr Hogan said.
VIMG swooped with an unconditional offer and secured the expansive Underwood site.
"There are very limited parcels of this size in the southern Brisbane suburbs, particularly given the site is only 15km from the Brisbane CBD," Mr Hogan said.
"Essentially VIMG saw this opportunity as a short-term investment play with strong redevelopment potential in the future."
Mr Beirne said given its proximity to the road infrastructure network, the former Australia Post facility would be well suited to accommodate similar supply chain occupiers.
"While the successful purchaser was a residential developer, we had strong interest from the logistics REIT sector, highlighting the quality of the existing improvements," he said.
Originally published as Bold plan revealed for huge ex-Australia Post site