Property developer Lang Walker’s major projects in Melbourne and South East Queensland may reinvigorate the troubled commercial property sector.
Two years after exiting the real estate market by selling a significant proportion of its billion-dollar portfolio, the Walker Corporation is set to seize new opportunities in a number of its promising assets.
The group is about to open the $200 million Point Cook Town Centre project that has been developed in partnership with the Victorian Government’s VicUrban. The centre in the southwest of Melbourne near the Williams RAAF base at Point Cook, covers 28,000sqm and has secured retailers including Coles, Target and Aldi.
Another major project in Melbourne is the $80 billion office and retail precinct in the north of Melbourne, with its first stage expected to open in October this year.
The group’s huge industrial development near Ipswich, South East Queensland is also expected to provide a significant boost to the property market.
Located at the junction of the Ipswich Motorway, Warrego Highway and the Cunningham Highway, only 22 kilometres from the Brisbane CBD and eight kilometres from Ipswich, CITISWICH is expected to connect businesses to the major transport and economic flows to and from the southeast corner of the state.
The first stage of $1 billion 335-hectare industrial logistics development is already underway, with lots available ranging in sizes from 4,000 sqm to 12 hectares.
The project is to benefit from the Queensland Government’s $5 billion investment in infrastructure, including the $1.1 billion Ipswich Motorway upgrade and the $2.3 billion proposed Northern bypass to link Dinmore to the Logan Motorway.
Walker Corporation executive chairman Lang Walker said: “The location in the rapidly-expanding western corridor offers advantages for business seeking to relocate, or new business seeking to establish corporate base in South East Queensland.
“CITISWICH will offer businesses an outstanding opportunity to capitalise on the current shortage of available land and building alternative in South East Qeensland.”
For more detailed information on CITISWICH look out for Australasian Freight Logistics magazine’s August-September issue, to be sent to subscribers in the first week of August. If you’re not already a subscriber click here.
Photo Courtesy of Walker Corporation: Looking north west across the CITISWICH site Stage 2 in foreground Stage 1 works in background.