The site of the former West Brisbane Tennis Centre at Richlands in Brisbane’s southwest is destined to become home to a multi-unit industrial estate.

The 20,189sq m site at 227 Archerfield Road was purchased by Kingsmede from the Joyce family in a deal negotiated by Paul Anderson and Mark Clifford of Knight Frank.

Kingsmede, a private property investment company specialising in modern high spec turnkey office and industrial space, is now looking to build a first-class multi-unit industrial development on the site.

The development will have a total building area on site of around 12,000sq m, offering warehouse and office facilities for occupiers, with units ranging from 700sq m up to 1,400sqm.

Mr Anderson said the property was one of the last industrial zoned parcels of land in Richlands, and the development would provide industrial users with options in a very tight market.

“This project is expected to secure strong interest from industrial occupiers, with Brisbane’s western corridor highly sought after by tenants and therefore currently experiencing the lowest vacancy levels in three decades,” he said.

“Richlands is a proven industrial hub that benefits from being on the doorstep of the Centenary Highway, Ipswich Motorway and Logan Motorway intersections, providing access to all parts of the ever-growing South East Queensland region.

“Industrial occupiers have very limited opportunities in today’s market, and this Richlands development will cater for those users seeking space under 2000 square metres.

“This site really fit Kingsmede’s requirements for the current market, and they will deliver a high-quality warehouse facility, being experts at this sort of product.”

Kingsmede has been expanding its holding across the Brisbane market over the past 12-18 months, having acquired around $100m worth of industrial assets. These assets are held by Kingsmede and the Brisbane Industrial Trust managed by its funds management business KMD Partners.

Development approval for the industrial project at Richlands is expected by September, with the built product set to be ready for occupation by late 2023.

Kingsmede General Manager Brent Mulligan said: “We are looking to acquire large strategic holdings across Brisbane for long-term ownership that will benefit from the increasing demand for industrial assets.

“We are interested in existing improvements and land for future development.

“We are focused on the smaller end of the occupier market - sub 2,000 square metres - and delivering high-quality multi-unit estates which we have experienced strong tenant demand for.”