VISY Logistics is to build a new high clearance warehouse at Epping in Melbourne’s north and relocate from the Somerton Logistics Centre.
This follows an agreement with Charter Hall Prime Industrial Fund which has secured a 6.45ha site in Epping and agreed to a 34,777sqm pre-lease to Visy Logistics on a 10-year term starting in March.
The warehouse is to comprise eight recessed loading docks and eleven at grade roller door access points with 20 – 35 metre wide canopies.
The facility is to also include a two level office, parking for 208 vehicles and a separate truck parking and staging area.
Visy has signed a 10-year net lease with three five-year options and fixed annual rent reviews of 3.25%.
Visy Group general counsel Robert Kaye said they were excited to be partnering with Charter Hall.
“The Epping facility will be an integral part of our supply chain, so having the right expertise and responsiveness from our partners is vital to achieving our objectives,” Mr Kaye said.
The property is in the Epping industrial precinct within the Biodiversity Business Park, close to the Hume Freeway, about 18km north of the Melbourne CBD, 31km north of Port Melbourne and 20km north-east of Melbourne Tullamarine Airport.
Charter Hall chief investment officer Sean McMahon said Visy had grown to become a major tenant customer of Charter Hall with more than $290m of assets leased.
“As one of Australia’s largest industrial and logistics owners and developers, Charter Hall was able to leverage its scale and flexibility to deliver a smart, long-term solution to Visy allowing their business to grow,” he said.
CPIF fund manager, Richard Mason, said the land acquisition and development was in line with the fund’s development core strategy.
