THE logistics estate, currently under development by Time & Place and due for completion in Q2 2021, will comprise three logistics facilities with a total GLA of 46,240 square metres.
Located at 415 Cooper Street Epping, the property is said to offer good access to Melbourne’ key transport network including the Western Ring Road, Craigieburn Bypass and the Hume Highway interchange, as well as the Victorian government’s planned North East Link.
On completion, the new LOGOS Epping Logistics Estate will have an estimated value of circa $70 million.
LOGOS’ head of Australia and New Zealand, Darren Searle, said, “We have been looking to expand our portfolio into the north of Melbourne for a number of years to support the strong demand from our customers for high quality assets in this area”.
“This new estate provides LOGOS and our customers with access to three quality logistics and intermodal facilities, ranging 5,815 square metres to 19,730 square metres, in this key market,” Mr Searle said.
Chris O’Keefe, director at Time & Place, said, “With the continued growth of e-commerce, which has been strengthened over the past few months as a result of the lock-downs, we expect to see strong demand for small to mid-size modern logistics warehousing space as retailers look to service their customers online”.
“The three new facilities in Epping offer great connectivity to transport and key road infrastructure and are well suited to service this demand,” he said.
Time & Place and its partner, MaxCap, acquired the site in July 2019 as one of the seed assets in the MaxCap Industrial Opportunity Fund. This transaction will see the property exit the fund.
LOGOS’ new estate will sit alongside major occupiers in the north of Melbourne including Mainfreight, Mazda, Bluestar Logistics, Toll, Woolworths, Bevchain and Visy.
LOGOS’ Australian and New Zealand portfolio includes 46 assets and developments across New South Wales, Victoria, Western Australia, Queensland and Auckland.