logos kicks off construction at 128 million logistics estate

Logistics heavyweight Logos has officially kicked off construction on its major 20-hectare Marsden Park Facility in north west Sydney.

After 10 months of working with Blacktown Council and the Department of Planning, Logos recently received approval for the development of 107,500sq m of logistics and distribution facilities.

Logos purchased the major site at Marsden Park for $40 million in late 2016.

The $128 million development will comprise seven warehouse buildings constructed across four stages with loading docks, 633 car parking spaces and administration offices.

Online retail and the growth of e-commerce has seen some of the largest industrial leases committed to this year by e-commerce companies, as demand in the logistics real estate market continues its strong run.

Logos secured two pre-commitments for the first stage works, with Australia’s largest third-party logistics provider eStore committing to a five year lease and global produce distributors and packers Valleyfresh committing to a 10 year lease.

Logos will develop a purpose built 6,224sq m facility for Valleyfresh, and a 12,515sq m facility for eStore.

Due to positive tenant feedback two speculative facilities, of 3,563sq m and 11,640sq m, will also be developed as part of the first stage.

Related: Logos Snaps Up Kmart Distribution Centre for $119m

Source link