This article is from the Australian Property Journal archive
HOME care and hospital essential products supplier Independent Living Specialists (ILS) has signed a long-term lease at Dexus’ Eastern Creek estate, as a surge of industrial demand pushes core vacancy rates in Sydney’s outer west to around 1.2%.
ILS has leased a 11,839sqm facility at 51 Eastern Creek Drive on a 10-year term. The facility is minutes from the M4 and M7 motorways and neighbours major facilities including DHL, Fujitsu, Ricoh, Toll and Coles.
The deal, negotiated by CBRE’s Cameron Grier, Moshe Greengarten and John Micallef, capped an active year in the outer west, with the total volume of lease deals exceeding 2019 despite the COVID-19 pandemic.
The ILS commitment follow a wave of recent activity, including a circa 12,000sqm lease by Downer EDI at 50 Eastern Creek Drive and a close to 16,000sqm Mainfreight commitment at 36 Honeycombe Drive.
Grier said with further deals pending the outer west market will further.
CBRE’s latest data shows that the core vacancy in the precinct has hit a record low of around 1.2% and is tipped to contract further in 2021.
“Many speculative development projects were put on hold this year when COVID hit which combined with increased warehouse footprint demand from a majority occupiers who are now required to hold more inventory, its put downward pressure on Sydney industrial vacancy rates, particularly in the outer west,” Grier said.
