A joint venture between Charter Hall's Prime Industrial Fund and Core Logistics Partnership have announced plans for a six-hectare logistics estate in Sydney's west.
The new $35 million facility, Compass Logistics Estate, proposed for the corner of Eastern Creek Drive and Old Wallgrove Road, will be a 33,250sq m logistics building on Sydney's main arterial road network.
The facility will be divided into two to provide separate tenancies offering between 10,000 and 20,000sq m and customised to suit prospective tenant’s specifications.
The estate will form part of the Sydney western growth corridor, with the state government pledging $72.7 billion to infrastructure over the next four years, including $16.8 billion on the WestConnex tunnel project and $5.3 billion on the Western Sydney Airport.
The deal follows the group's oversubscribed $600 million equity raising last month with plans to deliver new purpose built industrial facilities as well as strategically acquiring new assets.
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Savills Australia’s Michael Brislane and Mick Ferreri along with Knight Frank have been appointed to market the project, anticipating strong interest from major industrial users looking for a state-of-the-art corporate facility.
“The successful tenants will receive a premium product in a strategic and highly exposed location, with immediate access to key logistics routes throughout the core Western Sydney market.”
Sustainability has been billed as a focus moving forward with several features incorporated to enhance operational and environmental performance.
Measures include rainwater harvesting for irrigation and toilets, LED lighting, and a 100kw roof mounted solar array for each tenancy.
Related: Charter Hall Beats Out Dexus, Frasers for $55m Industrial Acquisition
Charter Hall, one of the country's most active industrial developers, currently has 116 facilities comprising 2.8 million square metres of logistics space.
The group also has a $900 million development pipeline that is expected to deliver over 550,000sq m of new logistics facilities.
