REAL estate investor Ivanhoé Cambridge and LOGOS have entered into an agreement to acquire a strategic development site in Broadmeadows, a key suburb in Melbourne’s industrial north.
Ivanhoé Cambridge plans to develop the site into a $230m logistics estate with LOGOS to act as the manager and developer.
Located at 120 Northcorp Boulevard in Broadmeadows, the property offers 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.
LOGOS will transform the former Woolworths distribution centre to deliver more than 120,000 square metres of modern logistics assets within the re-named LOGOS Broadmeadows Logistics Estate.
Ivanhoé Cambridge’s senior vice president for Asia Pacific, George Agethen, said, “This transaction continues our strategy for logistics in the APAC region and our partnership with LOGOS.
“We remain focused on assembling a sizeable portfolio in Sydney and Melbourne, which has shown remarkable resilience through the COVID-19 pandemic.
“We are confident that we will deliver an environmentally leading estate that will meet the demands of our users for the long-term.”
LOGOS’ head of Australia and New Zealand, Darren Searle, said, “This is a strategic acquisition for our business as a number of our existing customers have been looking to expand into the north of Melbourne, an area which has long experienced limited supply of prime grade logistics assets, for some time”.
The estate, which is targeting to commence construction in early 2021, will be focused on supporting the core logistics sectors of e-commerce, distribution, food and cold storage.