Pelicano announces construction across two Queensland projects
Diversified property group Pellicano has expedited the next stage of construction at its Parkwest Estate in Bundamba due to strong sales, while announcing the commencement of construction of the next stage at Connexion Industrial Park in Darra, following leasing success in recent months.
Due to the final office/warehouse space selling out at Parkwest Estate, Pellicano will commence the next stage of the project 12 months ahead of schedule, which will deliver additional office warehouse units.
Meanwhile at Connexion, construction has commenced on a major refurbishment of a freestanding 10,600 sqm office/warehouse, and four new spec office/warehouses totalling 3,000 sqm.
Pellicano was buoyed by a deal struck at Connexion during the height of the COVID-19 pandemic, with a 7,500 sqm site being leased out to MACH1 Logistics in late March, spurring the company to prioritise the works on both sites.
Pellicano managing director Nando Pellicano believes recent activity at these projects, as well as its Industrial activity in Melbourne, is an early sign of how well the Industrial sector is holding up across the property market.
“We saw many companies facing challenges during lockdowns, restrictions and work-from- home guidelines, but we’ve still been able to put clients into new facilities, as the push to e- commerce and on-line expediates.
“Well-located industrial space has proven popular at a time where more and more consumers turn to shopping online.
“I think the popularity of these sites is driven in part by the flexibility we give our clients across the board – we work with them to ensure their facility is exactly what they need, and that they can make any necessary tweaks to ensure it’s a long-term prospect,” he said.
Works at the office/warehouse site at Connexion Industrial Park are due for completion in two stages, with the 10,600 sqm refurbishment available to occupy from fourth quarter of 2020, and the four spec units from early 2021, while the next stage of construction at Bundamba is due to commence in the coming months once detailed designs are finalised.
Pellicano’s current activity will take its total Industrial Holdings to over 600,000 sqm by the end of year with a vacancy rate of under 2.5 per cent.
