Stockland Builds on $2.5bn Industrial Pipeline


ASX-listed Stockland announced two tenants for their $44 million warehouse as part of a $2.5 billion industrial pipeline.

Combined tenants ASX-listed JB Hi-Fi and Brandlink will lease the recently completed KeyWest Distribution Centre, on a 5.1ha holding in Truganina, west Melbourne.

The warehouse located in the same suburb as Stockland's $2 billion Melbourne Business Park launched last year.

The ASX-listed developer also received approval for the first stage of its $500 million redevelopment at Macquarie Park in Sydney, which is expected to commence construction mid to late this year.

The new tenants of the 30,000sq m KeyWest Distribution Centre have both signed a seven year lease terms.

▲ Stockland's $44 million KeyWest Distribution Centre, in west Melbourne.
▲ Stockland's $44 million KeyWest Distribution Centre, in west Melbourne.

Stockland general manager workplace and logistics Tony D’Addona said they were seeing interest from businesses like e-commerce and third party logistics companies looking to upscale or establish a footprint in Melbourne.

“These two major lease deals illustrate the demand for quality warehouse space in Melbourne’s fast-growing western corridor,” he said.

“The combination of well-located, well-designed industrial space located close to Melbourne’s CBD and major transport infrastructure has seen our KeyWest facility fully leased immediately following development completion late last year.”

According to JLL research, western Melbourne has been Melbourne’s most active industrial precinct for the last decade, with increasing appeal for logistics, light manufacturing and food distribution tenants.

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