DWPF leveraged Dexus’s capabilities to acquire its first industrial development opportunity, DRIVE Industrial Estate in Richlands, Brisbane located in one of its core industrial markets.

Dexus approach 

  • DWPF acquired a 6.7ha development site in Richlands as part of an industrial portfolio acquisition in November 2010 and an adjacent 6.7ha industrial development site in November 2012 
  • Amalgamated the two sites and completed masterplanning for a premium industrial estate to be developed in two stages

Value created 

  • Secured Target and Steinhoff/Unitrans as new tenants prior to the completion of the first stage of the development in February 2015, achieving 86% occupancy 
  • Commenced the second stage of the development, due for completion in late 2015 – providing a combined total of 75,000 square metres of premium industrial space 
  • Delivered on DWPF’s strategy of enhancing returns by leveraging the Group’s development, leasing and asset management expertise