Fund manager of CLP, Simon Greig, said the Glendenning transaction follows the leasing success recently achieved at CLP’s Woodpark Industrial Estate at 400 Woodpark Road, Smithfield, with the $70 million estate now 100 per cent pre-leased prior to completion in mid-2020.
He said both developments are aligned with CLP’s strategy to “replenish its development landbank and grow its NSW portfolio to capitalise on forecast rental growth”.
Marcel Elias, director at LJ Hooker Commercial, Silverwater advised on the Glendenning deal.
Coles has also signed lease extensions to provide 15 years of term certainty to Charter Hall with the expiries being revised from 2027 for Adelaide and 2028 for Perth to December 2034 for both sites, which comprise a total of 150,000 sq m of lettable floor space over a combined site area of 40 hectares.
In Sydney on the landbank side of the market a development site in the south-west at Cawdor is being sold to capitalise on the anticipated growth of Sydney and create a landmark development.
JLL’s director of industrial, John Macree, in conjunction with Colliers International’s Matthew Meynell and Nick Estephen have been appointed to sell a 350 ha site at 690-900 Cawdor Road.
“Large aggregated land holding of this scale within the Sydney basin are very rare. They allow for a developer to explore the potential to redevelop the site as a rural-residential subdivision,” Mr Macree said.
A development site in Badgerys Creek is also being offered with a value of about $30 million.
The site at 230 Martin Road is within the Aerotropolis precinct, which is reported to deliver $3.3 billion in local projects across the region throughout the next 10 years.
Mr Macree has been appointed to sell the 24.48-hectare site and is expecting interest from industrial and logistics business park developers.
“The New South Wales government is undertaking a robust strategic planning framework to cater for the business needs of a growing community and to encourage an increase of employment within the growth hub,” Mr Macree said.
He said the Masterplan site has a flexible employment zoning, giving prospective buyers a variety of development options, subject to council approval.
Carolyn Cummins is Commercial Property Editor for The Sydney Morning Herald.