A $115 million logistics property has been secured in Western Sydney for a national workspace solutions supplier, growing Charter Hall’s $1.3 billion pre-leased development pipeline.
Winc Australia, previously known as Staples and Corporate Express, a national workspace solutions supplier of office essentials, furniture, safety equipment, IT solutions, toiletries and kitchen products, has secured a $115 million logistics property at 40-66 Lockwood Drive, Erskine Park.
Richard Stacker, Charter Hall’s Industrial & Logistics CEO, said the company’s 10 billion industrial and logistics portfolio continues to grow via a $1.3 billion pre-leased development pipeline and selective acquisitions and is now 90 per cent located on the Eastern Seaboard.
“The acquisition of Winc’s Erskine Park facility is consistent with both the Group’s and Funds’ strategy to acquire core logistics properties leased to good quality tenants on long term leases situated in key industrial precincts with access to major infrastructure and transport networks,” he said.
Winc is a new tenant customer to the Charter Hall industrial and logistics platform. Winc have entered into a new 12-year lease to commence at expiry of their current lease in August 2020.
The distribution facility has a total GLA of 43,000sqm, of which approximately 40,000sqm is used for warehouse accommodation with the remaining 3,000sqm being occupied as office accommodation.
The property benefits from two truck access driveways, allowing for full drive around access, a separate access driveway into the large car park, and all-weather super awnings located along both the eastern and western elevations.
Fund Manager of CPIF, Richard Mason, said the acquisition provides a rare opportunity to secure a major logistics facility in the tightly held Western Sydney growth corridor that is supported by convenient access to M4 & M7 Motorways and major infrastructure projects underway including the Badgerys Creek Aerotropolis.
Fund Manager for Direct Property, Miriam Patterson, said this acquisition enhances the quality of DIF4’s growing industrial portfolio which is approaching $800 million with a portfolio WALE of circa 10 years.
“The attractive 3.25 per cent per annum rent reviews adds to the long-term sustainable income growth potential of the portfolio,” she said.
The facility was originally developed in 2008 for the tenant, Winc, as their national distribution centre.
The property has a site area of 8.273ha with a site coverage of 52 per cent.