Queanbeyan warehouse great opportunity for occupiers and investors

CANBERRA, 16 August 2023 – An expansive warehouse on a well-proportioned site offers owner-occupiers and investors a rare opportunity within a well-established and sought-after industrial estate in Queanbeyan.

To be sold as a going concern with a five-month lease, the 67 Kendall Avenue property comprises 4440 square metres of total floor area with 3757 square metres (8.9 metres’ high clearance) across two clear-span warehouses, with nine roller doors and an enclosed, sunken loading dock. The building also includes several offices, a showroom and 3-phase power.

The secure 11,837 square-metre site provides exceptional transport accessibility with its B-double drive-around capability, multiple entry points via both Kendall Avenue and Bedford Street, and on-site parking.

The property presents a great opportunity to purchase a large freehold asset in the Queanbeyan West industrial precinct, according to JLL’s Senior Executive, ACT Capital Markets, Mitch Frail, who is managing the marketing campaign with Director, Leasing, ACT, Troy McGuinness.

“Assets this size do not come to market very often,” Mr Frail said. “With its generous proportions, in terms of both its warehouse offering and site dimensions, it presents a compelling case for investment at a time when existing warehouse space remains at a premium nationally.”

Despite gross take-up volumes slowing over Q1 2023, the ongoing mismatch between supply and demand continues to drive strong industrial rental growth in many precincts, according to JLL’s latest (Q1 2023) Australian Logistics & Industrial Market Overview.

The report found demand for existing warehouse space significantly outpaced demand for pre-lease warehouse space with gross take-up into existing space totalling 357,000 square metres – or 73 per cent of the quarterly total.

Mr Frail said prospective purchasers would also be cognisant of the property’s first-rate location in terms of access to key arterial roads, a major consideration for industrial property occupiers and investors.

“The property is less than two minutes from Canberra Avenue which provides quick access to the region’s premier road network facilitating the most cost-efficient transport options for both the occupier and clients,” he said. “The tremendous value of that sort of road access goes without saying.”

Mr McGuinness said he expected an enthusiastic market reaction from a broad range of prospective buyers looking to acquire an industrial asset with sound fundamentals and solid future growth prospects.

“The Canberra and surrounds industrial market, like many others across the nation, has done – and continues to do – well in an era which has really put industrial property squarely back on the agenda for serious investors and astute owner-occupiers.

“Accordingly, we expect a strong response from an asset-starved market.”

The property will be sold by Expressions of Interest closing Thursday, 7 September, at 4pm.