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Historic Sector
The Historic Sector includes some of the oldest industrial suburbs in Brisbane such as Northgate and Geebung. This precinct is proving to be continuously solid in 2014. The value of the area has strengthened based on its close proximity to the city and easy access to arterial roads and public transport.
This precinct is home to many businesses that have experienced tremendous growth and success over the years. An example is the iconic Australian company, Golden Circle, which began business in 1947 in Northgate on 16.5 hectares of land. Now, more than 65 years later, the business is the largest fruit cannery in Australia and produces over 400 products.
In general, there is a shortage of vacancies in the precinct due to high demand and this has resulted in a slight increase in rental rates. Rentals for older style metal clad buildings start at $80 - $130/sqm for newer tilt slab industrial. Sale rates for smaller industrial units vary from $1,800 - $2,500/sqm. An example of a larger industrial sale is 29 Yarraman Place, Virginia which totalled 1,067sqm and sold for $2.05 million which equates to $1,921/sqm. The majority of transactions have involved larger properties. However there has also been an increase in smaller industrial units being taken off the market with owners wanting to commence new businesses.
Enquiry levels have been strong with the market primarily led by investors and owner occupier purchasers. In the past six months there has been great absorption, resulting in properties that have been sitting on the market for extended periods being either sold or leased.
Due to the high number of manufacturing and distribution companies in the area, major road developments further increase the overall attractiveness of the precinct. The recent completion of the Airport Roundabout has seen a decrease in traffic congestion on the Nudgee Road and East-West Arterial Road intersection. The upgrade has also enabled Hendra and surrounding areas to be more accessible by increasing access to and from the precinct.
The completion of the Airport Link Tunnel has proven to be a huge success enabling people to travel from all over Brisbane to the northside in record time and has significantly reduced traffic congestion in the inner northern suburbs and the areas surrounding the airport. The tunnel has enhanced the area’s liveability and provided opportunities for better land use in the inner northern suburbs currently affected by traffic congestion. This has also improved local business conditions in general from an access and transportation perspective. These developments have ensured the continued success of Brisbane’s historic industrial area.