PROPERTY group LOGOS has announced it has agreed to acquire a parcel of land in Truganina, an important suburb for the logistics sector in Melbourne’s west.
On completion the asset is expected to provide a purpose built facility offering almost 49,000sqm of gross leasable area for an initial ten year term.
The deal is anticipated to complete in early 2020.
Located at 30 Logistics Drive, the 8.5ha property is said to benefit from access to key roads such as the Princes Highway, West Gate Freeway and Western Ring Road.
LOGOS head for Australia and New Zealand Darren Searle said the Melbourne logistics market continued to perform strongly.
“We are pleased to be able to strengthen our foothold in this strategic market,” Mr Searle said.
LOGOS’ Melbourne portfolio is now reported to be about 350,000sqm with an additional 27 hectares of development land at its Truganina Logistics Estate.
“We are a strong advocate of the benefits that western Melbourne provides Victorian and Australian supply chains and are confident we will see strong rental growth and tenant demand over the coming years in this area as a result of the diminishing supply of available zoned and serviced land,” Mr Searle said.
Truganina is an established industrial suburb which includes facilities for several large logistics operators, including FMCG/supermarket operators, e-commerce operators and 3PL groups. LOGOS’ Australian portfolio, which spans NSW, Victoria, Queensland and Western Australia, has a target end value of more than $4.2bn.