Mirvac Acquires a Future Industrial Estate in Auburn, Sydney
23 July 2019
Mirvac has further extended its development pipeline with the acquisition of a 14-hectare, future industrial estate and logistics hub at Manchester Road, Auburn, Sydney from PAYCE for $94.2 million.
Mirvac and PAYCE will work
collaboratively to finalise the design of the
precinct and obtain all
required approvals. Mirvac’s acquisition is a joint venture with an
investment vehicle sponsored by
Morgan Stanley Real Estate Investing
(MSREI).
The landholding is zoned for industrial use and has an expected end
value of $250 million. It is located close to Auburn town centre, 3.3
kilometres from
Parramatta CBD and 18 kilometres from
Sydney CBD, in the heart of Sydney’s tightly held Inner West
industrial market.
Mirvac plans to deploy its award-winning asset creation capability to
bring to life a state-of-the-art industrial facility at the site.
Offering premium flexible warehouse and office space, the vision for the
estate is to set a new standard in industrial property for its amenity,
sustainability,
technology, quality and flexibility, while catering to the growth in
e-commerce and the demand for ‘last mile’ delivery locations.
The location is expected to benefit from significant infrastructure
investment, including the $16.8 billion
WestConnex which will improve
connections from the Inner West to the CBD, through to South Sydney and
Port Botany, via a new underground M4-M5 link. Stage 3 is under
construction and due for completion in 2023.
Mirvac’s Head of Office and Industrial, Campbell Hanan, said, “With the
growth of e-commerce and the demand from our logistics and retail
customers for premium, ‘last mile’ distribution facilities in Sydney, we
are delighted to be able to strengthen our industrial pipeline with this
strategic development opportunity, which also enables us to maintain our
100 per cent weighting to industrial in key Sydney markets.
“Cumberland Council is committed to generating local employment
opportunities and this site has the potential to become a vibrant new
employment precinct in the Inner West. With our capability and
experience in delivering premium industrial facilities, Mirvac is
ideally placed to support the Council in realising this exciting vision
and we look forward to working closely with both the Council and the
community throughout the planning process to ensure the design
integrates seamlessly and sensitively into the existing urban
landscape.”
“The transaction will further strengthen our relationship with MSREI and
see the capital partnership with them grow to approximately $1.8 billion
in co-owned assets, based on 100 per cent value,” he added.
Find out more about Office & Industrial, https://office.mirvac.com/
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Source: Mirvac - www.mirvac.com
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External Links: https://office.mirvac.com/
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