Core Logistics Partnership (CLP), managed by Charter Hall, has acquired prime Western Sydney industrial site at 56-62 Glendenning Road in Glendenning, NSW for A$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.
”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,” said Simon Greig, Fund Manager of CLP.
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.