Australian property development company Stockland has announced JB HI-FI has acquired a new 18,023 sqm delivery centre in Melbourne’s western industrial precinct.
JB Hi-Fi has entered a seven-year lease for 18,023 sqm of space at the recently completed new KeyWest Distribution Centre, which will act as their big and bulky delivery centre.
The $44 million warehouse in Truganina will have a dual tenancy with Australia’s largest home entertainment retailer, JB Hi-Fi, and logistic solutions provider BrandLink.
The tenants have signed up to a combined 30,000 square metres of high clearance warehouse space.
Stockland now has more than $2.5 billion worth of projects under development, including logistics projects at Ingleburn in Sydney, Yatala and Willawong in Brisbane and Melbourne Business Park at Truganina.
Louise Mason Stockland Group Executive and CEO, Commercial Property said “This announcement is another important step in the progress of our $2.5 billion Workplace and Logistics development pipeline, and demonstrates the strength of our presence in the sector.”
Tony D’Addona Stockland General Manager, Workplace and Logistics, said the warehouse space is located in Melbourne’s fast-growing western corridor.
“The combination of well located, well-designed industrial space located close to Melbourne’s CBD and major transport infrastructure has seen our KeyWest facility fully leased immediately following development completion late last year,” Tony said.
In December 2019, Stockland received development approval for the first stage of its $500 million redevelopment at Macquarie Park in Sydney, which is expected to commence construction mid to late this year.