Charter Hall’s flagship logistics trust fund has acquired 35 hectares of industrial land at the Light Horse Business Hub in Eastern Creek, Western Sydney.
The Charter Hall Prime Industrial Fund (CPIF) has entered a five-year development management agreement with Western Sydney Parklands Trust (WSPT) to transform the site into a $300 million logistics facility.
Upon completion, a 90-year ground lease providing annual annuity to the parklands will contribute to the cost of operating, maintaining and enhancing the site.
David Harrison, Charter Hall’s Managing Director and Group CEO, says the leasehold interest builds on Charter Hall’s strong relationship with WSPT.
“This is one of the last significant infill greenfield industrial development sites east of the M7& capable of accommodating the growing demand for large state of the art industrial and logistics facilities in Western Sydney,” David says.
The estate has a gross area of 170,000 sqm, with the ability to house large scale warehouse and distribution facilities up to 100,000 sqm.
Richard Mason, CPIF Fund Manager, notes the purchase is in line with the strategy of acquiring sites close to major transport infrastructure.
“The momentum for strategically located industrial space is seeing record leasing activity, particularly for larger automated purpose-built facilities,” he says.
Works are expected to begin on site later this year.