National property developer Walker Corporation has signed Grace Records Management as foundation tenant for Canberra's first master-planned 30ha estate near the Monaro Highway.

The mill closed in 2007, throwing 110 people out of work. But now five national and local engineering, manufacturing, transport and warehouse firms are finalising leasing agreements. Acting Chief Minister Katy Gallagher said the project would help meet high demand for industrial land and build on the territory's assets, including land availability and a skilled and flexible workforce.ACT Chamber of Commerce and Industry chief executive Chris Peters said since the mill's closure trucks had lost an opportunity to backfill with timber products out of Canberra and the manufacture of goods would enable more back-loading, slashing transport costs.

Building of the 11,480sqm facility for Grace Records will begin this month, including a 5600sqm warehouse, truck parking bays and roads to be completed in March 2010.Grace has signed an eight-year lease, with 10-year option. High-level security will be in place because it's a major storage centre for Federal Government records, as well as for the private sector.The development of the estate is something of an anomaly in this economic climate. Although business is rising, large institutions which paid high prices for industrial land in a bull market are now risk-averse about developing sites.

For more, pick up a copy of today's Canberra Times.