ISSUE 40 │ SPRING 2013

CounselKing’s

BRENDALE: THE NORTHSIDE’S NEW INDUSTRIAL HUBPAGE 7

THE INFRASTRUCTURE MISMATCHPAGE 3

BUSINESS CONFIDENCE IMPROVING MARKET PROSPECTSPAGE 12

CRANES NEED SOLID GROUND - SOFT INFRASTRUCTURE MATTERS!PAGE 8

INDUSTRIAL SALES AND LEASING AROUND BRISBANEPAGE 14

The owners, management and staff of King & Co Property Consultants are proud to celebrate our twenty-fifth year of

business and the start of the next twenty five years of ‘getting results’.

We commenced business in February 1988 and from the outset sought to

revolutionise the industrial property market in south east Queensland by becoming a specialist sale, leasing and property management real estate agency.

Our growth has been significant from a small team of 15 to our current team of around 30 agents, property managers and support staff. Two of the original three founding directors, Phil Ainsworth and Paul McAvoy are active in the business and remain committed to its growth. Both the directors and their families are committed to real estate and demonstrate that as investors. This also ensures a hands-on knowledge and experience.

Over the last two years succession planning has resulted in the appointment of Wayne Robson as General Manager and our business is well positioned for the future.

Our ‘we get results’ approach to business has been responsible for King and Co negotiating many land mark deals and we continue to achieve exceptional sales, leasing and property management results. The retention of a flat management structure, ongoing investment in systems and low overheads means that we can afford to do smaller transactions often overlooked by our competitors.

From our city fringe location at 99 Annerley Road, Woolloongabba our agents can service all major industrial areas in south east Queensland quickly and easily.

King & Co has sought to and will continue to be an advocate for development using its King’s Counsel magazine to encourage debate and discussion of issues such as river crossings (including tunnels), development of road networks and promoting the release of industrial land for development. King’s Counsel has been produced since 1993 with its most recent edition showcasing some of the issues highlighted by King & Co:

Constant insistence that Brisbane was running out of serviced industrial land was said by some to have laid the groundwork for the Australia Trade Coast concept.A series of King’s Counsel articles and lobbying were a strong influence in the cross river tunnels and bridge projects.Arguments for a better road link between Brisbane and the Gold Coast led to the Pacific Motorway upgrades.

Many of our agents have been with King & Co for over 20 years and have extensive, expert knowledge of Brisbane’s industrial and commercial market. Our agents continue to be highly motivated to get results.We are a committed member of the REIQ and Property Council of Australia.

The management and staff of King & Co look forward to another twenty-five years of ‘getting results’ for our clients and customers!

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The infrastructure mismatchConnecting employment, housingand infrastructure

Recent economic conditions and government spending policies have highlighted the need to be fiscally responsible with both public and private investment. The high-spending days of the early 2000s are well behind us, and governments and businesses will need to optimise the efficiency of their investments going forward if we are to maintain our current standards of living. Land use development and infrastructure provision are particularly important in this regard as they have significant costs involved with their development and operation.

There are substantial economic, environmental and social efficiencies to be gained in providing urban environments where travelling time is minimised. This can be achieved through faster and more regular forms of transport, and/or creating situations where people need to travel shorter distances to the activities they participate in, such as work, entertainment, shopping, education and general day-to-day living.

The ability to invest in faster and more regular transport is considered limited due to the economic constraints we are currently facing (Queensland State Debt of approximately $80 billion; Commonwealth Government Debt of approximately $272 billion. Sources: Queensland State Government; Australian Federal Government). The alternative is to reduce people’s travelling distances. A key transport trip is the journey to and from work. The ability to reduce the time associated with this journey has significant social and environmental benefits as well as economic benefits in the form of saving time for individuals. Thus there are benefits for coordinating the planning of future residential and employment land uses as well as the infrastructure required to connect these land uses.

Recent research by Urbis and King & Co indicates that this may not necessarily be occurring. From 2007 the Council of Mayors (South East Queensland) undertook an employment forecasting project which estimated future employment populations by Statistical Local Areas (approximate suburb boundaries) in South East Queensland. This project has not been updated since the 2011 Census when the Australian Bureau of

Statistics (ABS) moved to Statistical Local Area (SLA) geographies for the collation of census data. This does not therefore align with the latest Queensland Government population forecasts with the most comparable geography reflecting Statistical Area Level 2 (SA2) areas (which equate to one to three suburbs). To maintain consistency the Urbis and King & Co research has used SLA forecast data for employment and population. This means that employment data is from the 2010 Council of Mayors (SEQ) employment forecasts and population data is from the Queensland Government’s Office of Economic and Statistical Research (OESR) 2011 population forecasts. We acknowledge that this data does not necessarily reflect the latest trends, economic circumstances and land supply information; however, it is the latest consistent data available.

In researching the forecasts of employment and population at the SLA level from 2011 to 2021, there appears to be a disconnect between the growth in employment and the growth in population. When shown graphically for the Greater Brisbane area, there is a clear pattern of employment concentration (green on the following map) in the middle ring of Brisbane and the TradeCoast area. Complementing this is the concentration of heavy population areas (red) in the outer areas of Greater Brisbane.

When the top ten forecast areas for employment growth are compared to the top ten areas for population growth, there are few areas of overlap. Caboolture Central, Ipswich East and Ipswich Central rate in the top ten fastest employment and population growth areas. Caboolture Central and Ipswich Central both reflect growth of around two persons per job, which represents a relatively sustainable job-creation

Kings Counsel Spring 2013

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The infrastructure mismatchConnecting employment, housingand infrastructure

“There appears to be a disconnect between the growth in employment and the growth in population.”

level. Ipswich East reflects growth of around four persons per job, which will lead to residents having to leave the SLA for work.

Land-use imbalances and hence inefficiencies are going to be greatest in areas that have high population growth and low employment growth, or vice versa. Effectively, this requires increased time and cost in travelling and providing the infrastructure for that travel. In the following section we examine those areas that will place the greatest pressures on infrastructure investment.

Areas that have high population forecasts and comparably low employment forecasts include:

Ipswich South West incorporating Walloon, Thagoona and Rosewood.The Northern Brisbane Corridor along the Bruce Highway from Mango Hill to Morayfield.Marsden – conversion of rural residential land into urban residential.

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The Ipswich South West area reflects growth of around twenty persons for every one job increase. Whilst employment opportunities may increase around Ebenezer in the longer term, this area is likely to see high outward commuting in the short to medium term.

The high population growth forecast for the Northern Brisbane Corridor along the Bruce Highway from Mango Hill to Morayfield and Caboolture has not had complementary employment forecasts. This is indicating that the major residential developments of North Lakes, Warner Lakes and Forest Lake will not be supported by employment opportunities. In this case the employment forecasts appear to be underestimated as there is significant employment land at North Lakes and around Narangba, Dakabin and Caboolture.

Marsden is forecast to generate around one job for every fifteen residents over the period to 2021, indicating that most new residents will have to commute outside the area for employment. There are potential future employment opportunities in Crestmead and along the Logan Motorway; however, a growing population in surrounding areas will also compete for these jobs.

Whilst not specifically examined in this study, the more southern areas of the Logan Local Government Area and the Gold Coast Local Government Area are also likely to have a disconnect between population forecasts and employment forecasts. Significant infrastructure investment has occurred on the Gold Coast and employment potential exists in proximity to train stations and the motorway. For the southern areas of Logan, more infrastructure investment is required to achieve a better balance between future jobs and future residents.

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“This research has highlighted the importance of efficiently aligning residential land use with employment land use and the implications for infrastructure investment.”

Ratio of Employment to Population

Areas with high employment forecasts and comparably low population forecasts include:

The Australia TradeCoast (Pinkenba–Eagle Farm).Inner Brisbane including the CBD, South Brisbane, Woolloongabba, Fortitude Valley and Bowen Hills.

The Australia TradeCoast area reflects growth of approximately nine jobs per new resident, indicating that there will be strong in-commuting activity to this area. The predominant industrial and shift nature of work in this area indicates future infrastructure requirements are going to be in the form of roadways.

The Brisbane CBD is forecast to have employment growth far in excess of its population growth, reflecting sixty jobs per new resident. This is likely to reflect an underestimate of population growth in the CBD. Central Business Districts are the most concentrated employment locations being centres for regional, state, national, and international services and activities. They provide certain efficiencies in trip activity for workers, visitors and residents. Rather than discourage the Brisbane CBD as an employment hub, a preferred land use efficiency strategy would be to encourage the CBD as a residential location.

The Inner Brisbane areas surrounding the CBD reflect growth of three to four jobs per new resident. Once again, there are certain synergies in job concentrations in these areas as they leverage the transport infrastructure and networks serving the CBD. Similar to the CBD land-use strategy, there should be an emphasis on encouraging further residential development in these locations.

This research into future population growth and employment growth in Greater Brisbane reflects only an initial investigation into the efficiencies of land use and infrastructure investment across our region. It has highlighted, however, the importance of efficiently aligning residential land use with employment land use and the implications for infrastructure investment.

Based on recent employment and population forecasts there is the potential for future work trips of Greater Brisbane and South East Queensland residents to increase, even without added congestion. There

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are substantial social, environmental and economic costs associated with this. To avoid this situation, or to be more realistic, to minimise this impact, greater strategic planning is required to align land use mix with infrastructure requirements. The current revision of the South East Queensland Regional Plan is an ideal opportunity to address this issue.

To best inform the preparation of the updated SEQ Regional Plan, the following factors need detailed examination:

Revision of employment forecasts for SEQ in line with the latest population forecasts at the SA2 level.Alignment of employment forecasts with the availability of employment land.Alignment of future residential land and employment land.Alignment between current infrastructure investment plans and population and employment forecasts by location.

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Kings Counsel Spring 2013

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“This research has highlighted the importance of efficiently aligning residential land use with employment land use and the implications for infrastructure investment.”

Top 10 SLAs for Largest Growth in Employment and Population - 2011 to 2021

With respect to action that can be taken now, governments should look to planning levers such as infrastructure charges to influence the direction and timing of appropriate development. Infrastructure charge reductions for employment lands in close proximity to residential areas have the ability to fast-track employment land development. The State Government has recently used its planning powers to identify Priority Development Areas (PDAs) to facilitate better development outcomes. Future PDAs should be targeted towards optimising land use and infrastructure efficiencies.

Malcolm AikmanUrbis

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Why Brendale?

Malcolm directs the Economics & Market Research unit of Urbis in Queensland and has undergraduate and postgraduate qualifications in Economics and Business Administration from the University of New South Wales, Macquarie University and Queensland University of Technology. Malcolm is most highly regarded for his understanding of the property market, particularly his expertise in the Queensland residential and industrial markets.

Urbis is Australia’s leading property consultancy – providing independent advice regarding the use, development, investment and governance of property and the formation of sustainable communities.

The multi-disciplinary nature of Urbis enables us to help our clients across a diverse range of locations. Some of these include new industrial developments in greenfield locations, developments within existing industrial precincts as well as developments which are earmarked for urban renewal outcomes.

KEY BUSINESS FOCUS AREAS:PlanningEconomics and market ResearchValuation and Property AdvisoryUrban Design and Landscape ArchitecturePublic Policy

www.urbis.com.au

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Kings Counsel Spring 2013

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Over the last decade, Brendale, on the north side of Brisbane just 20 km from the CBD, has established a reputation as a prime industrial location with excellent infrastructure, access and opportunities.

Businesses moving into Brendale enjoy excellent access to major export infrastructure via the Bruce Highway, the Gateway Motorway and Gympie Road. Leased properties are achieving rates of $105–$115/m2 for quality modern industrial buildings and $130/m2 for brand-new buildings. Quality investment sales stock can expect yields of around 8%, with some exceptional investment opportunities achieving yields in the 7% range. The success of the area has been evident in the number of major local and international companies moving in, such as Aldi, Costco and Target, as well as Bunnings, which has secured a 7.5 hectare site in the CSR Estate.

Also of note are new developments such as the 85 hectare industrial estate, New Base Business Park, which is currently being marketed by Investa Property Group. Investa’s Development Manager, Justin Sherlock, commented, ‘New Base is rapidly becoming the industrial location of choice for the north side. Investa acquired the project in mid-2007 as it could see the opportunity that Brendale provided given the continued shortage of zoned land in the traditional northern industrial suburbs’. Over 80% of the development has already sold and construction is now underway on the Super Retail Group’s $75 million distribution warehouse on a 5.03 hectare site.

The developer Vanriet, which has enjoyed success with previous developments in this pocket, hoped to start construction in August 2013 on its 57.4 hectare industrial estate at 133 South Pine Road, Brendale. The site, which is zoned General Industry 1 and 2, will offer buildings from 1500 m2 to 10 000 m2 and will take advantage of prime exposure to South Pine Road.

Dan Felton, who is the CEO and Development Manager for Vanriet, stated, ‘Vanriet is a strong believer in Brendale as the next logical industrial and commercial hub for the north side of Brisbane. With excellent transport links and a supportive council, Brendale has already become the smarter option for businesses wanting to be on the north side. The large supply of high quality, new housing ensures a strong employment base for companies and access to the rail and road network is exceptional’.

The local authority for Brendale, Moreton Bay Regional Council, has been working with the state government and the wider community and has recently undertaken an Economic Development Program to ensure that the region continues to prosper.

With the support of, and ongoing investment by government bodies and private investors alike, Brendale is set to become the most successful industrial hub on the north side of Brisbane.

Why Brendale?

Booming area with excellent infrastructure and opportunities

Local and state government support for future economic development

Major local & international companies moving into the area

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“Turning the sod” at Investa’s New Base Business Park is Moreton Bay Regional Council Mayor, Allan Sutherland, Super Retail Group CEO, Peter Birtles and Investa Land CEO Cameron Holt

‘Number of cranes on the skyline’ was former Premier Joh Bjelke-Petersen’s famous measure of the vitality of Queensland’s economy. And for evidence that enthusiasm for construction projects crosses partisan divides, recently retired Deputy Premier Paul Lucas enthused about how much he enjoyed approving and opening big transport projects.

The satisfaction gained by politicians from construction works is perfectly understandable: these projects are visible, they can be measured, and they allow a political sponsor to point to some achievement in return for the years of the unrelenting hard slog of high office.

And it is not only politicians who like these projects. Any involved employees can take pride from creating something out of more or less nothing—of seeing a building or flyover take shape from a vacant site to a finished serviceable facility. In a direct way, not always easily satisfied by office work, construction fulfils a creative urge, a deep-seated human desire to ‘make a difference’.

But the cranes on the horizon are simply the visible tips of very large networks of goods and services, and personnel and finance that somehow come together as a project. Some of the elements that contribute to projects are labelled as infrastructure, which can be defined as facilities—usually public—that enable people and companies to conduct economic activity.

This paper will focus on the infrastructure relevant for the development and marketing of industrial and commercial property. This infrastructure comes in three main forms: hard, soft and green.

Hard Infrastructure

In mainstream commentary, infrastructure is usually taken to refer to the physical facilities that allow an industrial society to function, including:

transport—roads, rail, ports, airportstelecommunications—NBN, telephoneutilities—electricity, water supply, gassocial—schools, hospitals

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These are best differentiated as hard infrastructure. The curious thing about hard infrastructure is that it is entirely dependent for its existence on soft infrastructure (competent personnel and information), and people, in turn, are absolutely dependent upon the health of green infrastructure (raw materials and the environment).

Let us examine these two other major classes of infrastructure.

Soft Infrastructure

‘Soft’ infrastructure includes:

human capital—skills, social cohesion, welfare safety net, trust, optimisminformation—data, corporate memory, serious mediapublic institutions—property law, town planning, weights and measures, corporate regulation, TAFE etc., the public service generally.

These are essential preconditions for any economic activity: competent, well-informed people in the appropriate roles. And while the human capital and information up to a point can be generated by private-sector activity, they ultimately depend upon public institutions, which in turn rely upon a capable public service.

Consider a major new industrial estate. No matter how entrepreneurial, how skilled or how cashed-up a private construction company may be, the completion of this project is utterly dependent upon the efficient functioning of the following public institutions:

A titles registry that allows land parcels to be assembled according to due process yet respecting the security of tenure of the landholders.Rating and taxing authorities that allow costs to be dispersed across a population when required for a collective good such as a new service road.A national treasury that manages the value of currency and regulates the financial institutions which will cobble funding together.

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Cranes need solid ground

Kings Counsel Spring 2013

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Technically proficient public services (state and local government levels) that can assess the project and impose development conditions that prevent the worst excesses of enthusiastic

promoters.

These services operate so effectively, so efficiently, and have done for so long that they are taken for granted. When they work well, they are invisible, and leaders in industry praise themselves for their own skills which they claim are the foundation of the economy. Well, entrepreneurial ambition is essential, but it will spin its wheels uselessly unless there is a set of civic institutions creating the circumstances upon which entrepreneurs can ply their trade.

The best evidence of this can be seen in any impoverished Third World country. The absence of reliable institutions such as trustworthy banks and trustworthy titles registries that allow property to be mortgaged as an anchor for loans is a major reason why countries remain in the early stages of the development cycle.

But these services don’t happen by accident, and if the preconditions for their successful functioning are undermined, they will falter.

Soft infrastructure also includes a vigorous civil society. To a reformist government advised by the property industry, community-based critics such as environmental groups might be a nuisance and an obstacle to project development but in the long run they may be good friends of industry. They are a counterfoil to the boosterism that ignores warning signals and then hits unforeseen consequences. They also grant legitimacy.

Green Infrastructure

‘Green’ or ‘environmental’ infrastructure includes:

natural assets to deliver a flow of the necessities of life such as clean air, clean water, food and fibre—ecosystem servicesraw materials to supply industry and commerce—minerals, coal, gas, timber, fibreamenity services to generate human capital such as individual wellbeing, family lifestyle and civic peace—open space, parklands, beaches, gardens

Developers of industrial property in industrial suburbs and their agents can be excused for overlooking the contribution that environmental infrastructure makes to their industry, given the absence of sparkling beaches and green forests on industrial estates. However,

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the viability of the commercial enterprises housed in factories and warehouses depends ultimately on the extraction of raw materials from the natural environment or their processing into inputs into other manufacturing.

Even for those companies whose operations are several steps removed from the mines and quarries and farmlands, their staff return each evening to meals made from wheat flour, farm-grown steak and fresh vegetables. If their food comes out of tins, the tin plate is manufactured using minerals won from the ground by the expenditure of energy derived from other minerals mined from the ground.

The point here is that it behoves governments to commit as much policy attention and funding on securing the capacity of the natural environment to yield energy and raw materials sustainably, indefinitely, as it does on investing in roads, rail and ports, for precisely analogous reasons: that as infrastructure, they are essential preconditions for prosperity.

Public-Private Schizophrenia

All three levels of government in Australia are involved in the planning, construction and maintenance of infrastructure. This raises the question, is the current distribution of responsibilities optimal? Centralisation of planning and financing improves coordination and alignment with national goals, but it weakens the influence of local voices. A feature of published analysis by Infrastructure Australia is its plea for better national strategic planning.

Effective strategic planning by government should ensure that the construction industry looks forward to a predictable pipeline of projects so that the industry can maintain its own networks of competent suppliers, subcontractors, consultants and tradesmen.

By definition, strategic planning can be undertaken only by governments. Indeed, we elect governments to do precisely that on the community’s behalf. The free market can’t do strategic planning outside the firm as individual parties such as landowners, investors and project proponents are focused on one project or property at a time.

“is the current distribution of responsibilities optimal?.”

But Infrastructure Australia also calls for more private-sector involvement in financing. This inevitably means that a queue of lobbyists, facilitators, financiers and deal-makers will form outside ministers’ offices spruiking the benefits of their projects and seeking political support. No such queue forms to support a suburban community that wants a new bike path or a regional catchment body that needs money for

mapping soil erosion hotspots. In this way, national planning can skew priorities towards grand, glamorous projects.

Landlords and tenants of commercial property will be more conscious of local bottlenecks, blind corners or inadequate stormwater drains than they are of any project large enough to capture the attention of Canberra. These sources of intelligence are pushed aside by ‘national strategic planning’.

This is not the place for a debate about whether we need the states, but it seems obvious that if one is a centralist one needs the states in order to overcome fragmentation of local government, whereas if one is a decentralist one needs the states to allow Canberra to devolve intelligence-gathering and coordination.

The individual landlord or tenant or property spokesperson can more easily influence

their local government or state than they can influence Canberra,

and the establishment of Infrastructure Australia has

moved planning a step further from sensitivity to local priorities.

There is an inconsistency in Infrastructure Australia’s advice for it supports public-private

partnerships and market-led arrangements (in water

and electricity), yet it calls for more strategic planning and

coordination by governments.

Crowding out Local Needs

Economists commonly assert that expenditure by government

crowds out private investment. With hard infrastructure

this can’t possibly be true because most

government-sponsored construction projects are carried out by private contractors anyway, with the government oversight and tender management being a very minor part of the total costs.

One form of crowding out that really happens is that taxes crowd out some private consumption expenditure. By definition, consumption expenditure is terminal, unlike infrastructure, which is by definition the foundation of future economic activity. So anyone in business who wants more infrastructure should applaud higher taxes that enable governments to channel funds away from private household consumption. Yet almost daily, it seems, we see calls by business leaders for tax cuts to stimulate economic activity. This is ‘magic pudding’ territory.

Just as problematic is the crowding out of local-scale projects by the grand-scale expenditures that attract the attention of Infrastructure Australia. Let’s take a closer look.

What do Readers Think?

I would be interested to know what items of infrastructure are most pressing for the readers of this magazine. If you have a few moments, would you please send to the Editor k.hazell@kingco.com.au or to me at policylocums@brisnet.com.au your answers to the following questions:

What items of public infrastructure—hard, soft or green—would be most beneficial to you and your business at the present time?If you were in government and had $5.3 billion to spend on new infrastructure—hard, soft or green—over and above ongoing routine works and maintenance, what innovative items would you fund in order to increase sustainable business activity?

Conclusions

Governments need to fund not only the big-ticket construction projects, but also the less glamorous forms of infrastructure that allow individual firms to get on with their business and entrepreneurs to generate workable commercial ideas.

There is a vital role for all three levels of government

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“Infrastructure is the foundation of future economic activity”

Kings Counsel Spring 2013

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in shaping infrastructure works programs. The current influence of a centralised body in Infrastructure Australia does not ensure that local concerns will be given due weight: local and state governments must retain their planning capacities and their sensitivity to local voices.

The trend to more centralisation in Canberra by its very nature builds momentum for the glamorous, large-scale projects. By its nature this bias will crowd out local projects that would have been of direct benefit to the small business sector, and will crowd out improvements to the soft and green infrastructure that would have nourished the roots of economic activity everywhere.

References

I acknowledge contributions from Peter Shilton and Richard Sanders.

Infrastructure Australia. June 2012. Australian Infrastructure Progress and Action: A Report to the Council of Australian Governments. Canberra. (The June 2013 update is expected to be published after the copy deadline for this article.)

Sanders, Richard. 2 June 2005. Benefit/Cost of Land Resource Assessment: The Leichhardt Downs (Burdekin) Study. Resource Planning Guideline E51. Brisbane: Department of Natural Resources & Mines.

Dr Geoff Edwards

Dr Geoff Edwards is an independent scholar and Adjunct Research Fellow with Griffith University’s Centre for Governance and Public Policy. He retired from the Queensland Public Service (Mines and Energy) in July 2011. He is qualified in ecological science and public administration. The views expressed are his own.

“Infrastructure is the foundation of future economic activity”

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Market prospects are improving with business confidence

The Australian economy is growing, albeit less strongly, as the boom in mining declines. Those industries affected by the high dollar are struggling while most others remain weak, generally explained by low business confidence. A broadening of investment after mining, probably into the construction and property markets, particularly housing, will become the next driver for the economy, but this will take time – well into the decade. Inflation remains subdued, but should the uncertainty in Europe and the slow growth in the US continue, interest rates may be cut further should the Australian economy become too soft.

The above review of the economy means that the commercial/industrial property market may see more of the same for some time until the new economic driver grows sufficiently to act as the ‘circuit breaker’. Thus the market continues to bump along the bottom. Some industry reports have indicated a steady level of transactions around $15 million and above, but these have been mostly in Sydney and Melbourne. However, the Brisbane office market has led the others. There have been only a few large industrial sales and those which have occurred have been from hard-pressed sellers with relatively high gearing. Pricing is presently stable with yields between 8% and 9%, which seems about right for the market. Investor focus has turned to rental growth and the assurance of the future rental stream.

Purchasers are in the market but activity is restricted by the absence of suitable stock. However, the improvement in credit availability has ensured that some sales – mostly under $5 million – have occurred. Vacant buildings still comprise the majority of sales with investments slowly increasing; after all, when was the last time one saw the difference between interest rates and yields approaching 4%? The number of land sales remains low but they are slowly increasing.

There is still a steady but low turnover in the lower end of the market, but this has been contained by the lack of suitable properties available. Thus rents and yields have remained reasonably stable. Banks are a little more relaxed with their credit, but 65% LVRs for

investments to 70% remain the norm. Some relaxation in the level of the interest-rate cover demanded has been well received. While the RBA has reduced cash interest rates, longer-term rates are already higher. Nonetheless, the demand for and cost of capital in the future will eventually drive up interest rates.

The continuing reluctance of banks to extend credit for commercial (particularly industrial) property development and investment purposes will continue to hinder growth in the market as developers are unable to bring on new stock. On the other hand, the lack of supply will drive rental and property prices higher.

Land sales are few and this situation will prevail until bank policy changes. Although construction costs are stable, the long approval process, lower rentals related to affordability and less demand has depressed prices. However, prices should not fall further. When the take-up of existing stock occurs – and this is happening now – price increases will be first seen in rentals. The firming of yields will occur last, but this will be a while away yet.

Leasing has been variable for some time. While leases have been generally shorter, some longer leases are coming through. The shorter-term leases are either a reflection of the lack of confidence of lessees in their businesses or of the economy going forward and an expectation of better deals later. There is no obvious preference for stand-alone properties over strata. Discretionary decisions are still being delayed.

The stock of vacant buildings for lease and sale is steadily decreasing. The higher demand and little stock entering the market are beginning to drive rentals higher. It will become a seller’s market. Availability depends on location, style and size. In some locations and size ranges, a tenant’s choice is already severely restricted.

Property markets run in cycles and while the current one is at around the bottom, it is timely to get involved. While difficult to find, opportunities are there in this languishing market. For those who can afford to buy or lease, do it soon: just keep reminding yourself of the

Kings Counsel Spring 2013

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huge differential between the long-term interest rate and the yield range, and do not forget depreciation.

Sales activity has been greatest under the $5 million mark and it is over this price tag where the best buying occurs. If you are able to, purchase as early as possible before demand increases and prices are forced higher.

Some pundits see the Brisbane industrial market eclipsing Melbourne’s in the early 2020s. This hypothesis is based on the high 15% annual growth experienced by the Brisbane market over the past decade or so. Sydney’s, by far the largest, and Melbourne’s growth rates over the same period, were 9%. This suggests that property managers may need to reweigh their portfolios in the not-too-distant future.

Prospective tenants may also take advantage of relatively lower rentals and negotiate concessions with rental review clauses to safeguard against future inflation. On the other hand, landlords need to be increasingly flexible and structure leases to achieve the benefits of increased pricing in the near future.

Phil AinsworthManaging DirectorKing & Co Property ConsultantsSeptember 2013

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City Fringe

South city fringe including West End, South Brisbane, Woolloongabba, East Brisbane & CoorparooRob Finlay 0411 747 165

The city-fringe suburbs of West End and South Brisbane have seen sales and leasing increase over the last six months, possibly because the area is regarded as a less expensive alternative to other city-fringe areas. The Go Between Bridge now also provides excellent access to the north, south and CBD.

There has been good interest from owner-occupiers for smaller office warehouses with some sales and leasing. Interest in larger industrial warehouse properties has slowed, but once again are becoming more attractive to developers looking to construct residential unit complexes. King & Co recently negotiated the sale of a 400 m2 freestanding building at 6 Greet Street, West End for $780 000.

Woolloongabba is also of interest to developers, although larger properties of 600+ m2 are slow to lease. Smaller office/warehouses in the area, for both sales and leasing, are taken up quickly, but there is a lack of stock. A 103 m2 first-level office space at 137 Logan Road, Woolloongabba was leased recently for $27 996 pa with a rate of $271/m2.

The sometimes-underrated inner suburbs of East Brisbane and Coorparoo boast excellent access to north and south arterials and close proximity to the CBD. For smaller units there is good quality stock, but a lack of supply. For 600 m2 to 2000 m2 properties there is some stock with good rates and leasing options available. A 332 m2 unit at Cambridge Street, Coorparoo was leased recently for $44 800 pa on a three-year term with options. The YWCA Queensland recently purchased 936 Stanley Street, East Brisbane for $2.4 million as an investment, taking advantage of low interest rates.

North city fringe including Albion, Fortitude Valley, Newstead, Bowen Hills and MiltonTracy James 0448 124 330

The major selling feature of the north city-fringe suburbs of Albion, Fortitude Valley, Newstead, Bowen Hills and Milton is their excellent access to the Brisbane CBD, the Inner City Bypass and the AirportlinkM7 to Brisbane Airport. When completed in 2015, The Legacy Way road tunnel will connect the Western Freeway at Toowong with the Inner City Bypass at Kelvin Grove.

There are a large number of residential developments going ahead in the area, including stage three of the Gasworks urban redevelopment, with construction currently underway. This influx of residential and commercial facilities will provide an excellent employment base for owner/occupied industrial properties.

With its inner-city location there has been no recent industrial development activity in the area and as these are tightly held suburbs, stock is frequently unavailable. However, there have been recent transactions for smaller commercial office units, such as Unit 17, 14 Argyle Street, Albion that sold for $385 550.

Media reports of late have indicated that Brisbane office-vacancy rates have been rising for some time. Arguably, this has been driven by the flow-on effect of declining activity in the mining sector and the ongoing restructuring of Queensland Government departments.

Industrial salesand leasing trendsin and around Brisbane

The Go Between Bridge now also provides excellent access to the north, south and CBD and there is excellent access to the Brisbane CBD, the Inner City Bypass and the AirportlinkM7 to Brisbane Airport.

When completed in 2015, the Legacy Way road tunnel will connect the Western Freeway at Toowong with the Inner City Bypass at Kelvin Grove. There is a general expectation that the market will improve post-election.

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Kings Counsel Spring 2013

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Recent analysis suggests that Brisbane city fringe office-vacancy rates may be approaching 10.0%, resulting in increasing competition, declining leasing rates and increasing incentives. The impact of this is more pronounced in the city fringe secondary office sector where vacancy rates are believed to be approaching 12.2%; this indicates that there is somewhere in the vicinity of 77 000 m2 currently available.

There is a general expectation that the market will improve post-election. Furthermore, whilst there are projects under construction in Bowen Hills, Fortitude Valley and Newstead, a number of approved projects still require the necessary tenant commitment in order to begin construction, thus limiting new competition entering the market in the immediate future.

Northside

Australia Trade Coast including Eagle Farm & PinkenbaDavid Knox 0408 548 281

With the completion of the AirportlinkM7 tunnel in 2012, the emergence of the Hamilton Harbour precinct and the continued upgrade of Kingsford Smith Drive, the Northern TradeCoast area continues to be a highly sought after industrial location. The design and construct market remains active particularly in the highly successful TradeCoast Central Estate, which continues to secure blue-chip occupiers/tenants such as APA Group, Oztrail, TNT Transport and Metcash’s Value Depot.

King & Co assisted Metcash in selecting TradeCoast as

its state headquarters after an exhaustive search of existing stock and turn-key opportunities throughout the Northern and Southern TradeCoast areas. In addition to these precommitments, the estate also undertook its first, and also highly successful, speculative developments, which achieved a very healthy net rental with little vacancy period and/or incentive provided.

Leasing activity on existing stock throughout this region has been relatively minor due to tenants re-signing to their existing properties through lack of options available.

Due to excellent borrowing conditions, owner-occupiers have remained in the market, although they are not as bullish or plentiful as they have been in the past. Realistic vendor pricing will encourage this. Purchasers are very well informed and are looking for a ‘bargain’ due to the difficult economic climate.

Recent notable deals in the area include the sale of the 5335 m2 property at 179 Cullen Avenue West, Eagle Farm for $7.2 million, and also a smaller unit at 325 Fison Avenue, Eagle Farm for $2.5 million.

In Pinkenba, of note is the $2.75 million sale of 4047 m2 at 1173 Kingsford Smith Drive. Also in Pinkenba 157 Holt Street (a 1.49 hectare site) sold for $1.034 million.

Northern Corridor including Banyo, Geebung, Virginia, Northgate & ZillmereDavid Knox 0408 548 281

The traditional North Brisbane industrial precincts have continued to show their strength and desirability throughout 2013 and into the new financial year. Leasing enquiries have been sporadic across all size ranges due to the lack of stock and the continued uncertainty and low levels of business confidence. Following the take-up of freestanding properties in the 1300 m2 to 1900 m2 size range in 2013, there is now a short supply of quality freestanding buildings in this size range and no speculative construction is planned.

Similarly, there are very few freestanding buildings over 4000 m2 currently available, with tenants forced to look further afield and to consider designing and constructing. Rental rates, both asking and achieved, have remained static for average-quality stock, while more modern properties (typically in the Banyo area) have continued to demand high rents from $125/m2 to $135/m2 (plus outgoings and GST).

Leasing enquiries have been sporadic across all size ranges due to the lack of stock.

The Geebung/Virginia/Zillmere precinct is about to undergo a revitalisation with the $199 million Geebung Overpass project finally beginning construction. Brendale area to become the most significant industrial hub on the north side of Brisbane.

Leasing in the area has remained static due to a lack of stock, especially a lack of quality units around 1000 m2

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The Geebung/Virginia/Zillmere precinct is about to undergo a revitalisation with the $199 million Geebung Overpass project finally beginning construction. The project will involve constructing a new road-over-rail overpass connecting Robinson Road East and Robinson Road West. The present open-level crossing on Newman Road, Geebung, combined with multiple sets of traffic lights, creates a significant bottleneck for traffic at the busy intersection on Robinson Road. In addition to addressing the major safety issues at the crossing, a high priority of the project is to enhance Robinson Road as it is an important east–west arterial connection between Gympie Road and Sandgate Road.

Investors remain very active and quality freestanding buildings with strong covenants attract interest and are quickly snapped up. For example, 22 Crockford Street, Northgate was sold by King & Co via an expression-of-interest campaign. The property sold for $3.1 million, reflecting a yield of 8.7% based on a four-year lease. Also, 35 Depot Street, Banyo was sold by King & Co for $1.7 million with a five-year lease to CHEP Aerospace – a division of Brambles Ltd – which reflected a very healthy 7.3% yield. This demonstrates the strength of investor demand, which is bolstered by cashed-up, self-managed superannuation funds, whose recipients are tired of the volatile share market and are further boosted by low interest rates.

Minimal vacant land options exist in the area, with two blocks remaining in Depot Street, Banyo, along with a few sites available in the back pockets throughout Virginia. As stated previously, speculative development has been non-existent, with finance and credit limitations still proving to be tough obstacles, particularly with vacant land. However, there have been

a few sites recently snapped up by savvy developers, who have purchased secondary run-down facilities with the view to refurbish buildings and to lease them out at a higher rate; and these, if purchased for the right money, could provide substantial value-added opportunities.

Outer North BrendaleDavid Knox 0408 548 281

The recent development of land and infrastructure, along with local and state government support, are enabling the Brendale area to become the most significant industrial hub on the north side of Brisbane. Please see the article, ‘Why Brendale?’ on page 7 of this magazine for further information on this area.

The last twelve months have seen numerous large Australian and multinational companies moving into owner-occupied sites, including Bunnings, Costco and Super Retail Group.

Sales of note include 27 Strathwyn Street, Brendale for $6.87 million for a 9291 m2 property and also a 1 ha site at 328 South Pine Road, Brendale selling for $4.2 million.

Leasing in the area has remained static due to a lack of stock, especially a lack of quality units around 1000 m2. A recent lease of note includes the five-year lease of a 2446 m2 property at 42 Kremzow Road, Brendale to manufacturing giant FLSmidth, plus options, for $156 500 pa. Also, Unit 2, 12 Hinkler Court, Brendale recently leased for $103 500 pa for a two-year term with options.

North West precinct, including Newmarket, Windsor, Stafford and Kelvin GroveTracy James 0448 124 330

The tightly held North West suburbs of Newmarket and Kelvin Grove have a shortage of 1000+ m2

warehouses. More lease transactions than sales have taken place over the last six months.

Windsor and Stafford, however, have seen some transactions, such as the recent sale of 8 Cox Road and 73 Newmarket Road, Windsor to an investment company for $2.035 million.

Artists impression of the Geebung Overpass project

Kings Counsel Spring 2013

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These properties are zoned Industrial Light/Medium and have excellent exposure to busy Newmarket Road. Also, in Stafford a number of smaller units around 400 m2 have sold recently, such as 18 Wolverhampton Street, Stafford selling for $715 000.

Southside

Western corridor including Carole Park, Darra, Heathwood, Richlands, Seventeen Mile Rocks, Sumner Park & WacolPat Kerruish 0422 702 504

The South West Corridor continues to be a proven location with excellent transport infrastructure and the benefits of easy access to major arterials such as the Ipswich, Centenary and Logan motorways. Carole Park and Wacol have predominantly manufacturing, fabrication and engineering tenancies, whereas the other suburbs attract all types of tenants. These suburbs are strong employment areas and according to the Brisbane Economic Development Plan, employment numbers to 2031 are expected to increase; for example, by as many as 2637 in Richlands.

Sales and leasing enquiries in the Western Corridor have held steady in recent months. There is a shortage of larger facilities of all qualities, giving developers an opportunity to cash in on speculative 5000+ m2 facilities. There is minimal development activity in the area at present, though of note, is a 12 800 m2 DEXUS facility at Wacol that has just been completed, three freestanders in Metrowest through mid-sized developers and one freestander in Carole Park.

Southside suburbs benefits from easy access to major arterials such as the Ipswich, Centenary and Logan motorways.

There is a shortage of larger facilities of all qualities, giving developers an opportunity to cash in on speculative 5000+ m2 facilities.

Opportunities still exist in the area to purchase or lease completed buildings to pre-commit for design and construct options.

Acacia Ridge has seen very little change with limited stock available as tenants are not moving and owners are not selling

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Recent leasing deals in this area include 11 Machinery Street, Darra leased for $92 100 pa on a four-year term boasting a 921 m2 modern masonry unit with a 59 m2 office and five electric roller doors. A 1099 m2 metal clad warehouse at Unit 2, 12 Archimedes Street, Darra leased for $87 500 pa.

In sales, Richlands has seen a few significant transactions, including the Sentinel Property Group Richlands for $18.5 million, taking advantage of low interest rates and few buyers in the market. The DEXUS purchase of 295 Archerfield Road, Richlands for $9.075 million is a positive sign for the suburb.

A very timely speculative building on Flint Street, Richlands, which was constructed by Australand, was well received by the market and was leased to Isuzu for a reported $105/m2. Isuzu has taken up a 9477 m2 warehouse for its spare parts division, with another 4739 m2 available for sublease.

Sales in Sumner have held steady with a number of small- to medium-sized properties reaching settlement. These include 6 Neon Street, Sumner selling for $1.05 million and the liquidator’s sale of 24 Bronze Street, Sumner for $751 000. This property was sold by King & Co at auction under instruction from the liquidators Glenn Shannon and Peter Lucas of P. A. Lucas & Co. Chartered Accountants. In leasing,

12 Forge Close, Sumner was leased for $650 000 pa on a five-year lease.

The fully DA approved redevelopment of the Wacol Army Barracks into a 92.9 hectare ‘Metroplex at Westgate’ business park at Wacol is progressing with 16.79 hectares in the stage four area of the development being marketed now. Infrastructure works for stage three is expected to begin in 2014.

Sales and leasing has remained steady in the established suburbs of Carole Park, Heathwood and Seventeen Mile Rocks. Of note, a superannuation fund has purchased 131 Mica Street, Carole Park for $21 million and another has purchased 14 Counihan Road, Seventeen Mile Rocks for $4 million. The recently completed Metrowest business park at Seventeen Mile Rocks is nearing capacity. King & Co also recently negotiated the sale of 47 Moreton Street, Heathwood for $2.4 million.

Logan Motorway Corridor comprising Beenleigh, Loganholme, Meadowbrook & BerrinbaPat Kerruish 0422 702 504 Sam Harper 0423 380 514

The Logan Motorway Corridor, which is located along the Logan Motorway, enjoys excellent access to other arterials such as the Pacific and Gateway

motorways. The area is well serviced by local amenities, public transport and a strong work catchment.

Meadowbrook continues to prosper with opportunities available for vacant land, design and construct options and turnkey buildings, as well as existing buildings available for both sale and lease.

Construction has commenced on Toll NQX’s new 44,058 m2 building in Berrinba. Opportunities still exist in the area to purchase or lease completed buildings to pre-commit for design and construct options.

The ever-popular Logan Motorway precinct, including the suburbs of Loganholme, Kingston, Meadowbrook, Berrinba, Crestmead and Parkinson, continues to see strong interest from transport and logistics companies due to its excellent truck access to South East Queensland’s major arterials. A 2000 m2

property at 19 Meakin Road, Meadowbrook was sold for $1.6 million, and a 4000 m2 site at 8 Production Street, Beenleigh was sold for $1.7 million.

Bruce Allom of Allom Property Group conducting the auction at 24 Bronze Street, Sumner for King & Co Property Consultants

Crestmead, Browns Plains & ParkinsonRichard Hall 0408 199 919

Crestmead has seen a number of recent sales in the Crestmead Industrial Estate, with over ten lots of Light and Medium Industry land still available for purchase, ranging in size from 2000 m2 to 1.02 hectares.

Sales and leasing in Browns Plains has held steady recently. Smaller units are taken up quickly, such as the sale of Unit 1, 62 Eastern Road, Browns Plains, which sold for $577 500.

In Parkinson, Australand’s 4.2 hectare development at 3135–3295 Beaudesert Road has approximately six remaining sites available for sale or design and construct with lease options also available. Lots range from 3500 m2 to 1.56 hectares. Tenancies range from 2000 m2 to 8000 m2 with B-Double approval for the entire developed area.

Yatala Enterprise Area comprising Yatala, Ormeau & StapyltonPat Kerruish 0422 702 504Sam Harper 0423 380 514

The Yatala Enterprise Area is located along the Pacific Motorway on the Brisbane to Gold Coast Corridor. Increased development and an abundance of land in Yatala, Ormeau and Stapylton have seen a number of

large companies take up residence in the precinct. Of note, a parcel of land at Darlington Drive, Yatala was purchased by Collcrow Pty Ltd for $2.31 million for future development.

Due to the success of the Proximity @ Yatala Estate, just two design and construct opportunities are left in this precinct, with sizes from 5000 m2 to 40 000 m2 available for precommitment. Additionally, the developer is in the process of constructing a 9950 m2

speculative building in the estate.

Industry sources inform us that Caterpillar has committed to a 55 000 m2 building on Elderslie Road at Yatala. The facility is reported to be the company’s new parts distribution centre and will be a great benefit for the area, with a number of smaller suppliers and feeder companies now actively seeking locations in the Yatala area.

The Yatala Enterprise Area continues to attract a wide range of new businesses, ranging from fabrication right through to bulky goods/retail-type users. For example, Unit 1, 1 Hovey Road, Yatala was leased recently for $72 000 pa on a three-plus-three-year term to a fleet signage company, and Unit 1, 17 Computer Road, Yatala was leased for $69 750 pa on a three-year lease to a laser cutting company.

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Kings Counsel Spring 2013

The Proximity @ Yatala

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The location, midway between Brisbane and the Gold Coast, also provides an ideal location for businesses wanting to service both markets.

South M1 Corridor, including Slacks Creek, Underwood, Woodridge and SpringwoodPat Kerruish 0422 702 504 Sam Harper 0423 380 514

The South M1 Corridor, which is located along the Pacific Motorway and close to the Gateway Motorway, provides easy access to both north and south. It is a well-established industrial precinct with a strong local workforce and thriving local amenities. Properties such as 30 Kingston Road, Underwood, which recently leased for $87 500 pa on a five-plus-five-year term enjoy excellent exposure due to the high traffic volume in the area.

The Slacks Creek/Underwood/Springwood precinct continues to see strong enquiries from automotive and related businesses as traditionally strong trading areas, such as Moss Street, experience a resurgence in demand. While cautious owner-occupiers are re-entering the market, lower interest rates are a driving factor. For example, 21 Cronulla Court, Slacks Creek was sold for $1.1 million for a 1 hectare site when the

tenants decided to purchase the property. Also, in Woodridge a 1703 m2 property at 68 Compton Road was sold for $1 million.

Archerfield, Moorooka, Rocklea, Yeerongpilly & Acacia Ridge (Achievement, Success & Colebard Streets)Rod Hewitt 0417 02 04 06Daryl Sluggett 0418 782 271

Archerfield has seen transactions remain steady in recent months with a shortage of new stock. Prices in the area do seem to be stabilising, which may encourage more confidence and owners to re-enter the market.

Sales to note in Archerfield include 8101 m2 at 629 Boundary Road selling for $4.5 million, and also the purchase of 4.46 hectares at 146 Kerry Road for $13.245 million by Hastings Deering (Australia) Pty Ltd for its new head office.

Areas of Moorooka, Rocklea and Yeerongpilly have been affected by the uncertainty relating to the Cross River Rail project, which has been delayed and put on hold due to a lack of government funding. A cloud still remains over many properties that have been earmarked for resumption under hardship regulations, which makes it difficult for owners to sell or lease.

Following a $17 million revamp, the Brisbane Markets at Rocklea have seen a resurgence of interest in this busy trading centre. A 1700 m2 property at 27 Franklin Street in Rocklea was leased for $60 000 pa by Produce Runners Pty Ltd, and a similar property also in Rocklea, A57 Ashover Road, was leased for $144 500 on a four-year term with options. Both of these deals were negotiated by King & Co.

Acacia Ridge has seen more stock available as the area moves towards manufacturing and engineering, which have suffered due to downturn in business conditions. An 8634 m2 site at 101 Beenleigh Road, Acacia Ridge was purchased for $4.6 million.

Coopers Plains, Larapinta, Salisbury and Acacia RidgeRod Hewitt 0417 02 04 06Richard Hall 0408 199 919

Coopers Plains has seen some small units available from 300 m2 to 350 m2 at approximately $1250/m2

to $1350/m2. Vacant blocks have remained available for sale. In this suburb, 719 Boundary Road leased for $270 000 pa on a ten-year term with a five-plus-five-year option.

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Kings Counsel Spring 2013

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The 50 hectare development at Larapinta’s Radius Industrial City Estate still has a few freehold development sites available for sale, ranging from 5000 m2 to 76 000 m2. BP has purchased a 3.41 hectare site at the entrance to the Radius Industrial City Estate for an undisclosed price, but industry sources suggest that the purchase would have been in the vicinity of $12 million. The BP Service Centre will provide twenty-four-hour convenience retail and fast-food services to the estate, in addition to those motorists travelling the Logan Motorway.

Salisbury has seen some recent sales negotiated by King & Co, such as 266 Evans Road, selling for $2.45 million and the 3708 m2 site at 23 McCarthy Road, selling for $1.6 million.

Acacia Ridge has seen very little change with limited stock available as tenants are not moving and owners are not selling. Final blocks in Dulacca Street are under construction. Most units have already been taken up by owners and/or tenants. CS Gas has recently leased Lot 14, 243 Bradman Street, Acacia Ridge for $845 000 on a five-year term with options negotiated by King & Co.

Eastside

Eastern Corridor, including Bulimba, Morningside, Murarrie, Hemmant, Tingalpa, Lytton, Wynnum and MansfieldRob Finlay 0411 747 165

The inner Eastern Corridor overall has seen a low supply of stock, which should lead to speculative developments becoming a more viable option providing there is land available in these areas.

The suburbs of Bulimba and Morningside have seen consistent availability and take-up of smaller office/warehouses, although there has been little for sale. The last three months have seen a handful of options available in the 600 m2 to 3000 m2 range, but expect these properties to get taken up over the next six months.

Murarrie has a greater mix of offices, office/warehouses and warehouse properties. With high-vacancy rates in CBD office spaces, Murarrie provides a great alternative with a good supply of quality offices available.

Sales and leasing in the sought-after suburb of Hemmant have remained steady, with good-quality freestanders taken up quickly. Properties from 400 m2 to 2000 m2 have been taken up at a slower than envisaged rate.

Over the last six months the suburbs of Tingalpa, Lytton and Wynnum have seen new modern properties from 500 m2 to 1600 m2 taken up, which has led to a lack of supply. The new 2.6 hectare development at Tingalpa Central, which fronts on to busy Wynnum Road with exposure to Manly Road, will contain a mix of light industrial units and retail. Construction is well underway and the first and second stages are nearing completion. There are a number of smaller units still available for lease and sale. Take-up of these units will give other developers greater certainty for future projects.

The boutique industrial precinct of Mansfield has seen a few small sales of 200 m2 to 300 m2 with a slow take-up of leasing. For example, Unit 1, 69 Secam Street, Mansfield was sold for $439 000. There is limited stock of sale and leasing properties, which provides options for current industrial land being developed over the next six-to-twelve months.

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The inner Eastern Corridor overall has seen a low supply of stock, which should lead to speculative developments becoming a more viable option .

Properties from 400 m2 to 2000 m2 have been taken up at a slower than envisaged rate.

The new 2.6 hectare development at Tingalpa Central will contain a mix of light industrial units and retail.

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Sir Leo Hielscher Bridges

Kings Counsel Spring 2013

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King’s Counsel is published by King & Co Property Consultants Pty Ltd, ABN 20 120 411 118, 99 Annerley Road, Woolloongabba 4102.

While data has been compiled from reliable sources and all care has been taken to ensure it’s accuracy, readers should not act solely on the basis of the information contained herein.

King & Co Property Consultants recommends formal advice be sought beforehand.

All or any part of King’s Counsel may only be used with the permission of King & Co Property Consultants. The views provided by this issue’s guest commentators are meant to stimulate public debate and do not necessarily reflect the opinions of King & Co Property Consultants.

For an electronic version of King’s Counsel and other market analysis, please see our website at:www.kingco.com.au

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