Logos Kicks Off Construction at $128 Million Logistics Estate
Logistics heavyweight Logos has officially kicked off construction on its major 20-hectare Marsden Park Facility in north west Sydney.
After 10 months of working with Blacktown Council and the Department of Planning, Logos recently received approval for the development of 107,500sq m of logistics and distribution facilities.
Logos purchased the major site at Marsden Park for $40 million in late 2016.
The $128 million development will comprise seven warehouse buildings constructed across four stages with loading docks, 633 car parking spaces and administration offices.
Online retail and the growth of e-commerce has seen some of the largest industrial leases committed to this year by e-commerce companies, as demand in the logistics real estate market continues its strong run.
Logos secured two pre-commitments for the first stage works, with Australia’s largest third-party logistics provider eStore committing to a five year lease and global produce distributors and packers Valleyfresh committing to a 10 year lease.
Logos will develop a purpose built 6,224sq m facility for Valleyfresh, and a 12,515sq m facility for eStore.
Due to positive tenant feedback two speculative facilities, of 3,563sq m and 11,640sq m, will also be developed as part of the first stage.
Related: Logos Snaps Up Kmart Distribution Centre for $119m
Planning Minister Anthony Roberts said the Western Sydney area is a major economic and industrial powerhouse.
"The value of industrial building approved in Greater Sydney in 2017 more than doubled to $3.75 billion," he said.
"A lot of that activity was in Western Sydney, including in Marsden Park, where employment lands contribute over 220,000 jobs and generate about $125 billion of output."
Blacktown City Mayor Stephen Bali said the facility played a central part in the region’s industrial development sector.
"Blacktown City is the powerhouse of Western Sydney with a $16.5 billion regional economy supporting 130-thousand jobs. Blacktown City Council will continue to work with Government and industry to ensure we have the necessary infrastructure in place to support that development."
Logos, which has assets and developments across Australia and New Zealand, has a development pipeline of around $2 billion.
