A massive 6.9 hectare industrial site in Hazelmere east of Perth has sold to Logos Property Group for $17.5 million.
The site was sold to the Macquarie-backed logistics manager, which plans to create a new $130 million logistics park in the area.
The deal was negotiated by Knight Frank.
The property at 153 Talbot Road, is adjacent to Perth airport and was rezoned for industrial use last month.
It will form the centerpiece of the proposed new logistics park.
Knight Frank industrial director Jarrad Grierson said the rezoning of the site had established the entire surrounding precinct as a major industrial location, with several other landholdings rezoned in the last 12 months.
He said the significant scale of the property, combined with its excellent location close to the airport and major arterial roads, had made it highly appealing to Logos.
“The site is currently used as a transport depot, providing both flexibility and significant holding income, but ultimately it will form the nucleus of something much more significant,” Mr Grierson said.
“It is one of the largest properties in the area and is perfectly located adjacent to the airport and within a few kilometres of the major rail/freight terminals.
“It also has easy access to major arterial roads such as Roe and Tonkin Highways, the Great Eastern Highway Bypass and Leach Highway.”
Logos managing director Trent Iliffe said securing the key site would allow for the integration of several others and allow for significant development opportunity.
He said this leveraged Logos' internal capabilities as they related to master-planning and active investment management.
Logos has already secured one pre-commitment to the initial site, with McPhee Distribution Services to take 20,500 square metres with the intention to make it a key hub for its Perth distribution.
The Hazelmere property is the second asset purchased for the new Logos Australian Logistics Venture, which is designed to take advantage of the relative value returns associated with logistics real estate in the Australian market.
