LOGOS acquires an existing Toll site for immediate expansion at Altona North, Melbourne

Media
Monday 1st August 2016

LOGOS is pleased to announce it has agreed to a deal with Toll Group that will see LOGOS acquiring an existing Toll facility along with an adjoining parcel of land in Altona North, Melbourne Victoria. This arrangement also includes LOGOS commencing the expansion to the existing warehouse and office on the adjoining parcel of land for Toll’s use.

The property is located on Horsburgh Drive, Altona North in West Melbourne, a strategic location for Toll given its proximity to major arterial roads and direct access to the Port of Melbourne. LOGOS will undertake an expansion of the existing Toll facility, in order to service the growing space requirements of their business with Toll committing to a new 12 year lease across the expanded facility. On completion in May 2017, the expanded Toll facility will have a total building area of c.30,000 sqm plus c.43,000 sqm of lettable hardstand areas.

LOGOS Joint Managing Director, Trent Iliffe said: “Melbourne is Australia’s largest logistics market and forms a significant part of LOGOS’ investment strategy, particularly in those established locations with close proximity to key road infrastructure and access to the Port of Melbourne, which is Australia’s busiest port in terms of general and consumer goods cargo. Following our recent acquisition of a significant cold storage facility in Laverton North, LOGOS has plans to continue to grow our presence in Melbourne driven by the underlying demand from both our capital and logistics occupancy partners both across the Core West and South East markets. This is further evidenced by the acquisition and expansion of the Toll facility at Altona North.”

A Toll spokesperson said “Our partnership with LOGOS will provide Toll with an expanded facility that will allow us to continue to service our customers safely and efficiently.”

The sale of existing Toll warehouse was brokered by Chris O’Brien and Rory Hilton of CBRE. Chris O’Brien, CBRE Regional Director “Industrial & Logistics, commented “This asset is a core logistics acquisition, strategically located in what is now a very tightly held inner western location in Melbourne.”

The properties have been acquired on behalf of the LOGOS Australian Logistics Venture (“LALV”), being a partnership established in late 2014, between LOGOS and its capital partners to acquire and develop prime logistics estates across Australia.