LOGOS acquires strategic industrial site in Melbourne’s West

Media
Wednesday 4th July 2018

LOGOS is pleased to announce that it has acquired a strategic industrial site at 285 Palmers Road, Truganina, Victoria; with the property to settle in late 2018.

The 27.5 hectare site is located in one of Melbourne’s prime industrial suburbs approximately 23km to the Port of Melbourne, 25km to Melbourne International Airport and 28km to the CBD. The site benefits from direct access to Melbourne’s arterial road network, including the Princes Highway, West Gate Freeway and Western Right Road.

LOGOS will develop the site into a modern logistics estate with the capacity to accommodate a variety of warehouses, with an estimated total developable GLA of 160,000sqm.

Trent Iliffe, LOGOS’ Joint Managing Director, said: “The Truganina site is an important addition to our logistics property holdings in Melbourne’s west and will allow us to grow with our customers continued demand in this area.

“The Melbourne logistics market has performed strongly over the past number of years and we are confident that the diminishing supply of available zoned and serviced land in Melbourne’s west will start to dictate stronger rental growth for this area going forward. We also expect this will impact this market’s ability to deliver large scale warehouse projects that many companies, such as e-commerce users, will require to support their business growth over the short to medium term. This is a strategic acquisition for the Group as it will be one of the few sites currently able to deliver leasing pre-commitments, particularly over 50,000sqm, in Melbourne’s west,” Mr Iliffe said.

The selling agent, Pierre Ghougassian, Director of Industrial Sales & Leasing for Cushman & Wakefield reiterated Mr Iliffe’s comments saying: “The Truganina site is one of the last large zoned parcels of land in Melbourne’s west, and is perfectly positioned close to major arterials to attract key tenants. As demand for new warehouses starts to increase over the next two to three years, LOGOS will be in a great position to capitalise in what is starting to become a very tight market.”

Truganina is an established industrial suburb which includes facilities for a number large format logistics operators, including FMCG/Supermarket operators, e-commerce operators and 3PL groups. The property was acquired from the Adrianakos family and LOGOS will look to commence development of the masterplanned industrial estate following obtaining appropriate development approvals.

LOGOS’ Australian portfolio now stands at $2.6bn (on-completion value) with developments across New South, Victoria, Western Australia and Queensland.

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