Unrelenting demand for warehouses and data centres has encouraged investors and developers to pump $1 billion-plus into industrial property transactions over the past month.
Barings and Rest’s new portfolio includes the largest wholesale distribution centre in Australia, a 115,000 square metre behemoth in Melbourne’s west that is leased to Metcash. It will be Metcash’s main distribution facility, providing an ambient warehouse with significant automation technology, a chiller and freezer area, and a modern new office.
Not to be outdone, fund manager ISPT completed its $190 million Charles Sturt industrial estate in Adelaide, while the Dexus Wholesale Fund has sold industrial sites worth $150 million in Melbourne and Brisbane. Fund manager Centuria Industrial REIT last month launched Melbourne’s newest industrial estate in Campbellfield, a $116 million project called M80 Connect half of which is already pre-leased. The super-prime facility at 100 Bolinda Road has five warehouses totalling 45,375 square metres on a 7.92 hectare site.
Greg Goodman said at the recent quarterly update that logistics customers are increasing demand for assets with high automation and technology, which are seen as the “structural drivers of the digital economy”. Also in Sydney’s south, an infill industrial landholding is being sold with price expectations of more than $40 million. The 16,326 square metre property is near Port Botany and Foreshore Road at 60-66 Perry Street and 1 Kelly Street, Matraville.
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Source: FinancialReview - 🏆 2. / 90 Read more »