A new industrial development has launched to market in Sydney’s growing west, as e-commerce continues to underpin demand for storage and warehousing facilities in the expanding industrial sector.
Located in the Preston industry precinct, at 5 Yarrawa Street, Westworks will deliver a new industry business hub within Western Sydney’s growth corridor.
Developers JVMC, who are also behind Precinct 75 in Sydney’s St Peters, acquired the Preston site in May this year with deferred settlement terms.
The development, designed by TZG in collaboration with SBA Architects, sits in close proximity to Liverpool.
Strong demand for storage and warehousing facilities has been an ongoing trend in the industrial sector thanks to the likes of online retailers.
Logistics heavyweight Logos commenced construction on its $128 million Marsden Park warehouse development Facility in Sydney’s northwest last month.
The industrial investor also acquired a 4.4-hectare warehouse site in Sydney’s south for $72.4 million in an off-market sale earlier this year.
Australian Commercial Property chief economist Dr Andrew Wilson says a surge in industrial property development is set to stimulate the local market in the coming year.
“The latest data shows Liverpool local government area reported the highest value of industrial building approvals of all the Sydney LGA’s over the 2017-18 financial year at just under $800 million. Next highest was Blacktown at $210 million followed by Fairfield $68 million, Penrith $55 million and Northern Beaches $51 million,” Wilson said.
The Westworks precinct comprises 55-bespoke high-bay warehouses and contemporary office suites ranging in size from 45- to 500 square metres.
End value for the project's first stage is $35 million.
The precinct is 13 minutes drive to Liverpool CBD and 16 minutes to Western Sydney’s Aerotropolis.
Unit prices start from $261,000 with a public launch scheduled for November 2018.