LOGOS Acquires a Strategic 46,240sqm Logistics Estate in Epping, Melbourne
Tuesday 18th August 2020
LOGOS is pleased to announce it has entered into an agreement to acquire a strategic logistics estate in Epping, one of Melbourne’s prime northern industrial suburbs, via an off-market deal. The estate, which is currently under development by Time & Place and due for completion in Q2 2021, will comprise three logistics facilities with a total GLA of 46,240sqm.
Located at 415 Cooper Street Epping, the property offers excellent access to Melbourne’ key transport network including the Western Ring Road, Craigieburn Bypass and the Hume Highway interchange, as well as the Victorian Government’s planned North East Link. On completion, the new LOGOS Epping Logistics Estate will have an estimated value of circa $70 million.
LOGOS’ Head of Australia and New Zealand, Darren Searle, said: “We have been looking to expand our portfolio into the north of Melbourne for a number of years to support the strong demand from our customers for high quality assets in this area.
“This new estate provides LOGOS and our customers with access to three quality logistics and intermodal facilities, ranging 5,815sqm to 19,730sqm, in this key market.
“We look forward to working with Time & Place to complete the estate early next year,” he added.
Chris O’Keefe, director at Time & Place, said: “With the continued growth of ecommerce, which has been strengthened over the past few months as a result of the lockdowns, we expect to see strong demand for small to mid-size modern logistics warehousing space as retailers look to service their customers online. The three new facilities in Epping offer great connectivity to transport and key road infrastructure and are well suited to service this demand.”
Time & Place and its partner, MaxCap, acquired the site in July 2019 as one of the seed assets in the MaxCap Industrial Opportunity Fund (MIOF). This transaction will see the property exit the fund.
LOGOS’ new estate will sit alongside major occupiers in the north of Melbourne including Mainfreight, Mazda, Bluestar Logistics, Toll, Woolworths, Bevchain and Visy.
JLL’s Matt Ellis brokered the transaction on behalf of Time & Place. Warehouses ranging from 5,000 to 10,000 sqm are now available for lease and construction to commence in August 2020.
LOGOS’ Australian and New Zealand portfolio includes 46 assets and developments across New South Wales, Victoria, Western Australia, Queensland and Auckland.
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