International heavyweights Hines and LOGOS have bought key logistics sites in Victoria and New South Wales respectively with plans to create major logistics hubs.
Hines’ Asia Property Partners fund has made its second buy in Australia, acquiring two sites from Honda Australia.
The first, at 85-89 Sharps Road, Tullamarine, is earmarked for a next-generation logistics hub.
The hub has been deemed to be a good fit due to its location, at the corner of Sharps Road and Keilor Park Drive, key parts of the route between the M80 and the Melbourne Airport.
It will be vacated by Honda in 2024 and will be the first major ground-up logistics development for Hines.
The second site, at 1954-1956 Sydney Road at Campbellfield, is a freestanding office and warehouse space opposite the former Ford Factory.
It is slated to become a mixed-use business park with quick service retail outlets, childcare centre, hotel and conference centre.
Hines currently has $90.3 billion in assets across 28 countries and since 2020 has secured 11 assets in Asia Pacific countries including Australia, China, Japan, South Korea and Singapore amounting to around 633,192sq m of lettable area.
Hines also recently unveiled plans for a $1-billion office tower at 600 Collins Street in Melbourne.
LOGOS, with its LOGOS Australian Logistics Venture, has bought a 26.7ha large-scale logistics development site at Eastern Creek west of Sydney for $180 million.
The site on Archbold Road is zoned IN1 General Industrial and has direct access to the M4 and road network, and the Western Sydney Airport.
LOGOS is planning a multi-unit logistics estate with an estimated end value of around $500 million with more than 95,000sq m of gross lettable area.
The project will also maximise the use of rooftop solar with a 700kW minimum capacity system.
LOGOS will also set aside 3.6ha of land for bush regeneration and revegetation.
Sargents Charity sold the site to LOGOS in an off-market sale managed by Ray Trimboli of Savills Australia.
CBRE Research’s vacancy report for the first half of 2022 said that the industrial vacancy rate in Sydney’s outer northwest was 0.3 per cent on average.
LOGOS has assets across 10 different Asia Pacific countries with ESR Group a major shareholder alongside co-founders John Marsh and Trent Iliffe.
LOGOS most recently announced plans with Mainfreight for a logistics development in Moorebank in Sydney as well as snapping up site set for a Qantas pilot training centre in South Sydney.
