Joint venture to deliver new industry and business park in Brisbane.

The GPT Group (GPT) and local developer Metroplex have entered into a joint venture agreement to deliver a $350 million industry and business park in the Brisbane suburb of Wacol.

The project, Metroplex Westgate, includes 60 hectares of developable land in Brisbane’s western corridor.The site is well located and is bounded by the Ipswich, Centenary and Logan motorways.

Additional to the development land, the site will include around 19 hectares of bushland, nature corridors and public open space. Earthworks will begin immediately on the 16 hectare, first stage of the project, called Metroplex South.

The new development follows the success of its sister project, Metroplex on Gateway in Murarrie.

However, Metroplex Westgate will be about twice the size, with 250,000sqm of floor space catering for up to 10,000 employees.

GPT’s Head of Development, Commercial and Industrial, John Thomas said the project is a strong addition to the Group’s $377 million pipeline of logistics and business park development, already underway.

“The scope of the project, its central location and the tight supply of large scale industrial lots in this corridor, all form to make Metroplex Westgate a compelling investment,” Mr Thomas said.

“The development has already received strong interest from both national and international tenants.”

The location at the junction of three major roads and its proximity to Ipswich, Brisbane and the Gold Coast makes it ideal premises for retail, logistics and manufacturing groups.

The development will also include a Mixed Industry Business Area, comprising a retail and commercial precinct with 6,000sqm of floor space, with facilities like childcare, fitness clubs, a medical centre and pharmacy, supermarket and a civic square for gatherings and performances.

Metroplex representative Peter Macgregor said the construction activity on site would give prospective tenants renewed confidence in the offering.

“The joint venture with GPT has solidified the future of this project, and the immediate start of works on Metroplex South is a green flag for companies that have been waiting for large industrial sites to be made available in the west Brisbane corridor,” he said.

“Metroplex South is level, flood-free and will have power, gas and electricity to the site once civil works are completed over the coming months, meaning that tenants can potentially move on site by 2015.

“Metroplex South comprises lots from two to 15 hectares, and we are now undertaking a sales campaign with agents Wright Property and CBRE.”

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