Ascendas REIT has acquired a new logistics property, to be developed at 500 Green Road, Crestmead, in Brisbane, Australia, for A$70.3 million ($53.14 million). Goodman Property Services will develop the property.
The property will have a flexible design that offers warehouse sizes from 9,000 square meters to 38,000 square meters (97,000 square feet to 409,000 square feet). Key features include high ceiling height of 12.2 meters (40 feet), LED lighting and solar panels on the roof structure. The property is targeting a 5-Star Green Star Design & As Built rating by the Green Building Council of Australia.
The property is well located in Crestmead, approximately 32 kilometers (20 miles) south of the Brisbane CBD. Crestmead is an established hub for interstate, intrastate and metropolitan distribution, given its close proximity to key motorways such as the Logan, Gateway and Pacific Motorways that provide connections to key population areas on the eastern seaboard.
