Media Resouces
Mapletree commits to Stage Two of its Mapletree Logistics Park development in Crestmead, Queensland, Australia on the back of successful completion of Stage One
03 Apr 2023

Leading global real estate development, investment, capital and property management company, committed to sustainability, Mapletree Investments Pte Ltd (“Mapletree” or “the Group”) has set its sight to developing the second stage of its successful Mapletree Logistics Park in Crestmead. This will add a further 37,751 square metres (sqm) of quality logistics space in Brisbane along the prime Logan Motorway corridor. When stage two completes, the logistics park will have grown to over 100,000sqm, with another ~100,000sqm of space to come in stages three and four.

The commitment to the second stage of development follows the success of stage one where over 63,000sqm of logistics space was completed and fully leased to five national tenants within 2 months of completion.  

Mapletree’s Head of Logistics for Australia, Matthew Meredith said, “The Group’s latest commitment bolsters its strategy to grow in Australia by creating a pipeline of prime logistics assets in core locations. The acquisition of the Crestmead site was based on our belief that the Logan Motorway Corridor would continue to be a focal point for logistics demand over the long term. The decision to develop over 63,000sqm of high-quality logistics space in stage one has been validated by the fantastic customers we attracted: Bunnings, Bevchain, Frucor, Phoenix Transport and Visy”

He added, “Moving ahead with stage two allows us to deliver the highest quality flexible and functional logistics facilities designed to meet the needs of modern corporate occupiers.”

Colliers’ National Director of Industrial, Nicholas Evans said that stage one drew significant interest from a range of national and local tenants, with Mapletree astutely identifying a trend for users taking on more space as a result of growing accommodation mandates.

“Of course, when you speculatively construct over 63,000sqm in the Brisbane market there is some apprehension, but we were always confident tenants would commit to a quality offering in this location and that was certainly the case with the deals we have secured,” Mr Evans said.

CG Property Group Director Michael Callow, who brokered the lease to Bunnings said, “Take-up is till outstripping supply of speculative space particularly in the Logan Motorway Corridor so we expect the two new facilities to be well received as we grapple with continued low vacancy.”

Mapletree’s commitment at Crestmead expands its logistics and investment portfolio to 16 assets throughout Australia.

“We will continue to construct modern logistics parks as a core part of our Australia strategy,” Mr Meredith added. “It is obvious when we are talking with our customers around Australia that there is strong demand for large opportunities close to major arterial roads and logistics infrastructure.”