This article is from the Australian Property Journal archive
LENDLEASE’s Australian Prime Property Fund Industrial is proposing to develop a multi-level logistics facility after buying a neighbouring facility Sydney’s central west from Altis Property Partners for $47.05 million.
APPF Industrial has acquired 15 Britton Street Smithfield, which currently comprises a 12,979 sqm warehouse and office secured by a short-term lease to a prominent snack food manufacturer, set on a site area of 3.2 hectares.
The site is adjacent to the fund’s existing holding at 28-54 Percival Road and the fund plans to combine and redevelop both sites into a multi-level logistics facility, capitalising on the continued demand for improved fulfilment and last mile distribution.
APPF Industrial fund manager Tim Simpson said Smithfield is a highly desirable location in Sydney and when complete this development will improve warehousing solutions for our customers, helping them to manage their supply chain expenses and business expansion needs in a land constrained market.
“On a global scale, Australia is under catering for high quality and thoughtfully designed infill logistics properties to meet the accelerating shifts in consumer habits where tenants require fast and efficient supply chains. We’re driving our platform strategy to become a dominant developer and manager of infill and urban logistics,” said Simpson.
The development plans include multiple access ramps, high clearance warehousing, on-grade and recessed docks for all levels and B-Double approved access and manoeuvrability. It will also incorporate technology to advance smart buildings for the industrial sector, target sustainability outcomes with solar, energy and water efficient equipment and support employee health and wellbeing with respite areas and amenity including on-site retail, fitness and childcare.
The acquisition brings APPF Industrial’s portfolio of assets to 45.
Gavin Bishop and Sean Thomson from Colliers and Chris O’Brien and Jason Edge from CBRE handled the sale.
The latest transaction highlights the strong appetite for industrial assets. Recently Centuria Capital secured a $500 million mandate from a significant US investment firm to acquire last mile logistics assets in supply-constrained infill industrial markets across Australia.
Last month Centennial’s $700 million Enhanced Value Partnership (EVP) fund with Brookfield Real Estate Secondaries acquired two facilities in Sydney from Centuria for $83.64 million.
