With immense amounts of construction starting, this is the beginning of a new era in Bundamba, a suburb just east of Ipswich. More than $120 million worth of new projects are under construction in Walker Corporation’s 350-hectare Citiswich business park, providing not only hundreds of new jobs but also a new start for the area.
Work is well underway on Costco’s $50 million, 13,750 sqm warehouse — due to open early 2019 — along with TAE Aerospace’s new headquarters, and a new Queensland Urban Utilities depot. These new tenants and commercial owner-occupiers are taking advantage of the affordable land prices and the transport links to the Cunningham and Warrego highways, and the Ipswich Motorway.
The industrial occupier market has had a “surge of activity” over the last 12 months, according to Knight Frank’s Mark Clifford. “Existing A-grade warehouse and logistics facilities have been leased at a fast rate, with close to 50,000sqm of leasing deals completed on existing facilities in just the last two months in the south west of Brisbane,” he said.
A-grade stock with design and construction opportunities, in the 5,000 – 15,000 sqm range is what is on the radar for tenants. This is due to the opportunities offered by constructing buildings tailored for the individual company, so tenants are choosing not to negotiate on existing buildings if they have the ability to build their own.
All of this change has lead to a 9.2% increase in the average price of industrial land in Brisbane since September 2018. The ongoing success of Citiswich at Bundamaba just typifies this growing uptake of land.
Walker Corporation, on the back of this success, has launched a new project with the development application approved for an 11,795 sqm distribution centre. Sitting opposite Capral Aluminium’s Queensland headquarters, the Hoepner Road site is expected to begin construction in early 2019. The facility is being offered for lease now at a rental rate from $95-100/sq m.
This recent growth in industrial land is helping to revitalise Bundamba. Locals love it for the close-knit community and the large lots available, and Bundamba is now firmly considered an up-and-coming suburb due to the large numbers of young families and professionals living there.
It’s also worth noting that due to the increasing prices for industrial land in Bundamba, the prices for residential lots are similarly rising, albeit at a much slower rate. That may make now the ideal time to buy into Bundamba because the prices will only continue to go up as the suburb continues to grow and develop over the coming years. The average price for house and land in the area for a three-bedroom house is $310,000, which is well below the Brisbane average of $570,000. However, don’t expect that to remain the same, as house prices have increased by 3.25% in 2018 alone.
There are a number of new house and land projects in Bundamba. Bergin’s Rise is a family-oriented estate, with lots in the most current release ranging in size from 451 – 775 sqm. Citiswich Estate is also offering a number of lots, with land starting from $183,000. Established estates such as The Oaks Estate in Bundamba have a few lots remaining for sale.
You can espect the suburbs surrounding Bundamba to also benefit from its growth, and there are a number of house and land estates for sale if you look a little further out:
Banksia Heights is a 46-lot land estate in Redbank.
Six Mile Creek Estate is a ten stage master-planned estate in Collingwood Park. Lots range in size from 400 to 1,342 sqm.
Waterlea at Walloon is a master-planned community that revolves around the central natural creek and pond chains. With 13 neighbourhoods available, and a number of land lots for sale throughout the estate.
Eden’s Crossing is designed around the idea of being as family-friendly as possible. This is reflected in the number of parklands and schools in the estate and the immediate area around it.
Augustine Heights is close to the centre of the Greater Springfield corridor, making it perhaps most ideal for commuters.
The Orchard is a master-planned estate in Doolandella and is also designed with growing families in mind.
Monterea Ripley is a newly-established house and land development with 900 land lots for sale over 156 acres.
Ripley Valley Estate is a large, multi-stage development sitting 15 minutes away from Springfield and less than two minutes away from the Ripley Town Centre.
Sovereign Pocket, located in Deebing Heights, is up to Stage 17. Lots range in size from 280 tp 475 sqm.
Finally, we have Torhaven, an elevated estate with breezes and views to the north from Deebing Heights.