ESR Australia has acquired a 25-hectare industrial development site at North Lakes, Queensland from Garda Property for A$114m (€69m).
Phil Pearce, CEO of ESR Australia and New Zealand, said: “The acquisition of the industrial development site at North Lakes in Queensland will enable ESR to continue to expand its footprint in the supply-constrained Brisbane market which is being-support by strong population growth in South East Queensland.”
He said the site at North Lakes would be developed into a premium industrial estate.
Garda’s executive chairman, Matthew Madsen, said: “When fully developed, North Lakes will be one of Queensland’s leading industrial estates and we are disappointed not to be developing it out.”
Garda which acquired the site for A$16m in 2021 had planned to develop an integrated industrial precinct.
“The scale of this project is simply too large for Garda to deliver in the current environment. This transaction places Garda into a strong financial position.”
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