Charter Hall's Core Logistics Partnership acquires prime Western Sydney industrial site
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The Charter Hall managed Core Logistics Partnership (CLP) has announced the acquisition of 56-62 Glendenning Road, Glendenning, NSW for $26 million.
The strategically located 3.9 ha site in the tightly held Glendenning industrial and logistics precinct provides an opportunity to re-develop the site into a $60 million multi-unit industrial estate, with a Gross Lettable Area of 21,000 sqm.
The Glendenning industrial precinct provides a viable alternative to Eastern Creek for small to medium size warehouse and distribution users following construction of the M7 Motorway along its western side. The site is located just 1km from the M7 Motorway via a B-double approved route, providing convenient access to Sydney’s wider arterial road network. Future tenant customers will also benefit from the site’s prominent exposure to three street frontages.
Fund Manager of CLP, Mr Simon Greig, said “This transaction follows the strong leasing success recently achieved at CLP’s Woodpark Industrial Estate at 400 Woodpark Road, Smithfield, with the $70 million estate now 100% pre-leased prior to completion in mid 2020. Both developments are aligned with CLP’s strategy to replenish its development landbank and grow its NSW portfolio to capitalise on forecast rental growth.”
The acquisition enables CLP to continue to deliver high quality, generic, industrial and logistics developments and contribute to the growth of Charter Hall’s national Industrial and Logistics portfolio to $7.6 billion of funds under management.
The transaction was brokered by Marcel Elias of LJ Hooker Silverwater in an off-market transaction. Mr Elias said “The site has been privately owned by the same family for almost 3 decades, and we expect the re-development to generate strong pre-lease interest within the market.”
Charter Hall Core Logistics Partnership now comprises 35 industrial and logistics properties valued at $1.9 billion, with a WALE of 10.2 years, and benefits from 99% occupancy.
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