This article is from the Australian Property Journal archive
LOGOS has bought more land adjacent to its Prestons Logistics Estate in south west Sydney after securing further commitments from logistics giant Toll Group.
Logos is developing a new 14,800sqm facility for Toll on the site, taking Toll’s total gross lettable area (GLA) on the extended Prestons’ estate to 80,000 sqm, with a weighted average lease term of 10 years.
Logos initially acquired a 25 hectare site in 2016 after Toll pre-committed to two logistics facilities with a total GLA of 65,000 sqm, which were completed in the first quarter of last year.
The additional land and new Toll facility will increase the size of the Prestons Logistics Estate, which on completion will offer a total GLA of 141,000 sqm and be valued at circa $300 million.
Logos’ head of Australia and New Zealand Darren Searle said, “We’re pleased to be able to further enhance the Estate with this additional land parcel and importantly also support Toll’s growth within their established Prestons base through the development of this new facility,”
Toll global head of property Chris Noble said the group currently have two successful facilities at Prestons and this new facility will give it the opportunity to service another customer on this estate.
“Logos’ development capability, ongoing asset management and the estate’s premier location meant this was perfect choice for Toll and our customer,” Noble said.
Toll joins Volvo at the estate with Logos finalising details for the remaining 65,000sqm of land over the coming months.
Prestons is owned by the Logos Australia Logistics Venture (LALV), a partnership established in late 2014 between Logos. The group’s Australian development pipeline stands at $2 billion across New South, Victoria, Western Australia and Queensland.
Australian Property Journal
