LOGOS to develop c.70,000 sqm for Toll Group at the Prestons Logistics Estate, Sydney
Monday 17th October 2016
LOGOS is pleased to announce the development of purpose built, warehouse distribution facilities at the Prestons Logistics Estate, Sydney for Toll Group.
The Prestons Logistics Estate is a 21-hectare prime development site with four street frontages and is located in the established logistics precinct of Prestons in the South-West of Sydney, NSW. The site is provided with excellent vehicular access being 500 metres from the junction of the M5 and M7 Motorways and is one of the first logistics estates with direct motorway access for transport linking from Melbourne.
The facilities have been pre-committed by Toll, one of Asia-Pacifics leading integrated logistics operators. The facilities will have a combined Gross Lettable Area (GLA) of c. 70,000 sqm with an expected handover date to Toll of April 2017. Additionally, the site can accommodate a further 90,000 sqm of development and upon full build out the Prestons Logistics Estate value is expected to be c. $250 million.
LOGOS joint Managing Director, John Marsh said: LOGOS has developed and grown a strong relationship with Toll, reflective of our business model that is focused on partnering with our occupant and capital partners across the Asia-Pacific region. We are now very pleased to be developing these new, purpose built facilities for Toll, which represents one of the largest pre-leasing deals seen in the past few years. Combined with the expansion being undertaken for Toll at Altona North, Melbourne, LOGOS now has over 100,000 sqm of ongoing development with Toll. This highlights LOGOS significant development capabilities and strong relationship with best in breed logistics occupants.
Toll Managing Director Brian Kruger said The Prestons Logistics Estate is strategically located to provide freight solutions for our customers including those from the fashion and retail sectors. The Sydney Logistics market is a tightly held land market, with limited land availability, both today and in the future.
LOGOS has been successful in acquiring strategic land parcels in core Sydney Logistics markets and currently have 3 developments under construction, on a total land holding of approx. 60 ha. This activity is via a speculative development in Erskine Park, Tolls development in Prestons and Turn keys in Yennora. The general level of enquiry across Sydney has been strong, giving us confidence to continue to grow our Logistics land and investment portfolio throughout Sydney, said Trent Iliffe, LOGOS joint Managing Director.
Prestons is an established logistics market within Sydney. It has attracted the likes of neighbouring occupiers including, Aldi, Inghams, Mainfrieght & Salmat. We have seen strong leasing interest from other users who are battling traffic congestion in locations that do not offer direct motorway access. Traffic congestion costs time and money and is an unwanted and unnecessary added cost to companies supply chains.
As Sydney continues to grow and becomes more congested, traffic will deteriorate. Estates that offer reduced time to road infrastructure access, will become more desired in time and cost sensitive environments. Prestons Logistics Estates is one of the few locations in Sydney that offer this direct access to Sydney’s orbital road network. It is approximately 30 minutes to Port Botany, Sydney Airport and 20 minutes to Parramatta.
The Prestons Logistics Estate is one of a number of prime, development sites owned by the Logos Australia Logistics Venture (LALV), being a partnership established in late 2014 between LOGOS and its capital partners with a strategy to acquire and develop prime, logistics estates across Australia.
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