SPECIALIST logistics property developer LOGOS has officially commenced construction of its $230m Broadmeadows Logistics Estate in Melbourne, with Hume City Mayor, Joseph Haweil breaking ground on the project.
LOGOS’ Asia Pacific portfolio comprises 100 logistics estates across nine countries with AUM of approximately $14.9bn.
The 25-hectare Estate recently received approval for the development of 120,000sqm high quality warehouse space on the site.
LOGOS has been working with Hume City Council over the past eight months on the planning for the project and has also secured its first pre-commitment for a purpose-built 12,600sqm facility.
LOGOS’head of Australia and New Zealand Darren Searle said the Broadmeadows Logistics Estate is a strategic investment for LOGOS and its capital partner, Ivanhoé Cambridge, given its location within one of Melbourne’s key infill northern industrial suburbs.
“We have been receiving strong interest from new and existing customers for prime grade logistics assets in the north of Melbourne over the past few years and the Broadmeadows site provides us with a well-located property to cater to this demand and also service the airport precinct overflow.
“We are excited to be starting work on the Estate, which is our seventh development in Melbourne. Our focus will be on supporting the core logistics sectors of e-commerce, distribution, food and cold storage,” Mr Searle said.
George Agethen, senior vice-president, Asia-Pacific at Ivanhoé Cambridge, said, “We are delighted to move towards a low carbon economy alongside with our partners, and this project perfectly fits in Ivanhoé Cambridge’s commitment to achieve net zero carbon by 2040”.
Broadmeadows Logistics Estate is targeting a 5 Star Green Star Communities rating and a 5 Star Green Star Design and As Built rating.
Sustainability initiatives to be incorporated include recycling 98% of materials from the demolition of the existing buildings, incorporating colorbond roofing materials to reduce heat island effect and including a minimum of 98kW solar panels on all facilities within the Estate.
The Estate offers excellent access to Melbourne’s key transport network including the Western Ring Road, Tullamarine Freeway and the Hume Highway interchange, as well as the Victorian Government’s planned North East Link.