Charter Hall is moving ahead with plans to develop a 4.8ha site in west Sydney, lodging plans for the Compass Logistics Estate as the group grows its industrial holdings in the area.
The latest plans for the Blacktown site includes a medical-based warehouse and distribution centre at Lot 1 Eastern Creek Drive, Eastern Creek.
The plans by Qanstruct feature 21,350sq m of warehouse, 500sq m forklift charging area, 1750sq m of office, 14 loading docs and 184 car parking spaces, to be operated all hours.
There would also be a concrete vault for the storage of “controlled drugs”, chillers to reduce operating temperature and secondary packaging rooms for pharmaceutical products.
“The proposed warehouse will be used for general storage and distribution of pharmaceuticals, medical devices and health food products and other related products which will need to be maintained between 15 to 25 degrees Celsius,” the application said.
The ASX-listed company purchased the land as part of a larger 6ha site for $35 million in 2018 to maximise its land bank close to critical infrastructure. The purchase was made through a joint partnership between Charter Hall Prime Industrial Fund and Core Logistics Partnership.
In mid-2021 the fund also acquired the 90-year leasehold for 35ha of industrial land at Light Horse Business Club in the same region from the Western Sydney Parklands Trust.
The five-year development agreement would see Charter Hall develop the estate with a gross lettable area of 170,000sq m and an on-completion value in excess of $300 million.
CPIF fund manager Richard Mason said it was their strategy to acquire and develop well located sites close to major transport infrastructure with easy access to large consumer markets.
“The momentum in demand for strategic located industrial space is seeing record leasing activity, particularly for larger automated purpose-built facilities,” Mason said.
“The shortage of zoned, ready to develop land, provides the opportunity to further expand our modern logistics portfolio.”
The industrial market in Eastern Creek is rapidly expanding with infrastructure investments in Sydney’s western growth corridor including WestConnex tunnel project and the Western Sydney Aerotropolis.
Article Source: www.theurbandeveloper.com
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