08/04/2011 - Clear, with 5m to spare
EXTERNAL- Not internal height was a crucial factor in securing the latest tenant for an industrial property in the Australia Trade Coast precinct.
With a need to erect a 45m-high crane on the site at 100-108 Brownlee St, Pinkenba, Morrow Equipment Company had to ensure it would not breach air space regulations for nearby Brisbane Airport.
But after being given the all-clear, the US-based tower crane specialist signed a five-year lease with a five-year option over the 11,800sqm parcel.
Lawrence Temple and Phil Heggie from Raine & Horne Commercial struck the deal at a rental rate of $175,000 a year plus GST.
Mr Temple said the Pinkenba property was a perfect fit for Morrow Equipment Company.
‘After it was determined the crane would not be in the flight path because it was under 50m, they moved quickly to secure it,’ he said.
The massive onsite crane is used by the company to move its equipment around the holding yard. Spread over three titles, the Brownlee St site is largely comprised of compacted hardstand with some concreted areas and a couple of small demountable offices.
Mr Temple said Morrow Equipment Company had been looking to relocate from its 2000sqm Caboolture facility for some time after acquiring additional crane equipment.
‘They’ve also got cranes coming off a couple of big jobs that are also nearing completion and also need the bigger property to store that equipment,’ he said.
The Pinkenba holding was previously occupied by multiple tenants.
Mr Temple said Morrow Equipment Company also scouted Caboolture, Port of Brisbane, Zillmere and Virginia for a new base.
‘Pinkenba was an obvious area for them. Tenants with a requirement for bigger blocks are spoilt for choice out there,’ he said.
He said the site also offered good access to the Gateway Motorway, enabling the company to cut transport costs.
Mr Temple said Brisbane’s industrial leasing market had rebounded over the past few months with an increase in inquiries and transactions.