Industrial land in Brisbane’s north growth corridor is getting absorbed as quickly as it is released and is showing positive gains for rent in the years ahead.
Stage 1 of North Harbour Business Park, close to 100,000sq m, was squeezed dry in three weeks prompting an expressions of interest campaign for the upcoming second release.
A shortage of stock is leading to a high level of pre-leased activity in Brisbane and gross take-up is well above the 10 year average. This in turn is driving rental yield, particulary in North Harbour, Moreton Bay.
North Harbour Holdings Development Manager Tom Hall-Brown said one of the key things they were seeing was the strength of the market in the northern growth corridor.
“There’s a massive lack of supply, so we’re bringing online 760,000 net metres to sell to the market as part of our development,” Hall-Brown said.
“Out of the Stage 1 EoI campaign, we’ve received interest for upwards of another 200,000 metres.
“It was a greenfield site as well, it wasn’t something already established.
“So we are delighted with that result.
“That also lends itself to proving the Moreton Bay region as a place to live and work.”
The allotments ranged from 1800sq m to 18,000sq m with infrastructure credits included to 60 per cent of the site cover, optimal frontage to depth ratio and connected services.
The Mixed Industry Business Area was part of the broader $2.7 billion masterplanned North Harbour community that started in 2016.
A residential, parkland, retail and future marina were planned for the North Harbour site mid-way between Brisbane and the Sunshine Coast.
“The marina site has recently been included in the urban footprint of the south-east Queensland regional plan which is a big plus for us,” Hall-Brown said.
“It gives a lot of certainty and also gives us a great pathway to getting the PDA approved.
“We’re just really proud of what we’ve done in the past eight years of the development cycle.
“We’ve now got over 3000 people living in the North Harbour community, delivered over 1450 homes with 150 to go in our first village and then another 1150 coming in our second village.
“It is certainly driving the opportunity for industrial investment and demand as well, especially in North Harbour.”
The City of Moreton Bay is supporting the delivery of city-shaping infrastructure for projects like this by working with developers to enhance the appeal of the region for residents, visitors and businesses alike.
Mayor Peter Flannery highlights key achievements of the area recently.
“We kept ahead of the curve and launched our Regional Economic Development Strategy with a plan to make Moreton Bay bigger, bolder and brighter,” Flannery said.
“We want people to have good jobs closer to home and see existing businesses thrive and new businesses created.”
The recent city report card estimates $700 million in additional Gross Regional Product is being generated by more than 4,000 new jobs and 800 new businesses.
“Collaboration with the other levels of government is essential if we are to meet the ongoing infrastructure and service needs for our growing population,” Flannery said.
“To accomplish this, in 2021 and 2023 we held the Leaders’ Forums, bringing together the city’s elected representatives from all levels of government.”
These additional developments will help boost the population, solidifying the Moreton Bay region’s growth expectations.
A successful bid for the 17th NRL license was also secured for the Dolphins who are kicking off their second season supported by major sponsor North Harbour.
It is fitting because Moreton Bay is the third-largest and fifth-fastest-growing local government area in Australia, generating an economic footprint equivalent to that of Tasmania.
In 2023, 857 new businesses were added to City of Moreton Bay in 2023, propelling it ever closer to the goal of a $40-billion economy by 2041.
The North Harbour offering is part of the way the state and local governments were meeting these targets forecasted for the region.
The level and compacted sites have already been leased by significant national and international tenants in Stage One.
CBRE & Integrated Property will offer industrial sites from 1800sq m to 4ha in the next stage of the North Harbour Business Park development with direct access to the Bruce Highway.
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