Artist's impression of proposed redevelopment of former Australia Post distribution centre site at Underwood.
Artist's impression of proposed redevelopment of former Australia Post distribution centre site at Underwood.

Bold plan revealed for huge ex-Australia Post site

A MELBOURNE-based developer has staked its biggest claim in Queensland with medium-term plans for a massive mixed-use development south of Brisbane.

Victorian Investments Management Group has paid $26 million for the former Australia Post Queensland distribution centre, which sits on a sprawling 9.78ha site at Underwood.

It comprises an existing 24,873sq m industrial facility, which was home to the postal service for 25 years until its distribution operation was relocated to Redbank late last year.

The Beenleigh Rd property changed hands in a recently settled transaction and a development application already has been lodged for the redevelopment of the site.

Aerial view of the former Australia Post distribution centre site at Underwood.
Aerial view of the former Australia Post distribution centre site at Underwood.

A detailed masterplan submitted with the application reveals a proposed mixed-use precinct with residential lots and buildings up to 8 storeys as well as a village green.

It includes a tavern, a 2 to 3-storey medical centre, 133 townhouse lots, a 7-storey 56-apartment building for short-term accommodation, two 8-storey retirement living buildings with a total of 204 apartments and an 8-storey aged care facility

VIMG's development manager Leo Primus said the Underwood site was the group's largest acquisition in Queensland to date and it was excited to be investing into the future development of the area.

"We are looking forward to working with the local community to develop a high-quality mixed-use precinct," he said.

"Our intention is to land bank the site for the short to medium term and we are in discussions with a number of tenants to take advantage of the considerable logistics infrastructure onsite."

Masterplan for redevelopment of former Australia Post distribution centre site at Underwood.
Masterplan for redevelopment of former Australia Post distribution centre site at Underwood.

Mr Primus said a development application had been lodged with the proposal featuring medium density residential - including retirement/aged care - along with commercial, medical and retail uses.

"We chose the site because of its location, positioned in the Brisbane's southern growth corridor and alongside Underwood Marketplace Shopping Centre" he said.

The substantial holding at 1677 Beenleigh Rd was taken to market via an expressions of interest campaign by Simon Beirne, Anthony White and Brendan Hogan from Colliers International.

"A range of industrial groups as well as local and offshore developers showed strong interest in the property thanks to its Specialised Centre zoning which allows for flexible uses," Mr Hogan said.

Artist's impression of proposed redevelopment of former Australia Post distribution centre site at Underwood.
Artist's impression of proposed redevelopment of former Australia Post distribution centre site at Underwood.

VIMG swooped with an unconditional offer and secured the expansive Underwood site.

"There are very limited parcels of this size in the southern Brisbane suburbs, particularly given the site is only 15km from the Brisbane CBD," Mr Hogan said.

"Essentially VIMG saw this opportunity as a short-term investment play with strong redevelopment potential in the future."

Mr Beirne said given its proximity to the road infrastructure network, the former Australia Post facility would be well suited to accommodate similar supply chain occupiers.

"While the successful purchaser was a residential developer, we had strong interest from the logistics REIT sector, highlighting the quality of the existing improvements," he said.

Artist's impression of proposed redevelopment of former Australia Post distribution centre site at Underwood.
Artist's impression of proposed redevelopment of former Australia Post distribution centre site at Underwood.

Originally published as Bold plan revealed for huge ex-Australia Post site


This holiday park wants you to bring your doggo

Premium Content This holiday park wants you to bring your doggo

A LOCAL holiday park has called on more people to bring their dogs on holidays.

GRUBS: Council issues fine for waste left at dumping ’hotspot’

Premium Content GRUBS: Council issues fine for waste left at dumping...

THERE have been 22 similar incidents reported in the same area over the past six...

Major sports tournament announced for Lismore

Premium Content Major sports tournament announced for Lismore

A MAJOR baseball tournament will be returning to Lismore next year.