This article is from the Australian Property Journal archive
Investa has bought a 58.55 hectare industrial site at Smeaton Grange for $41.55 million.
The transaction will take Investa’s commercial development inventory to $200 million, bringing it closer to the $300 million target.
Smeaton Grange is located south west of Sydney in the Camden Council area, the site fronts Anderson Road and Camden Valley Way and is designated for industrial land subdivision.
The property consist three parcels and the project will provide a 5-year development pipeline.
The largest parcel, A, is 50.42 hectares and has DA approval for 52 industrial lots. It will be divided into four stages with delivery of serviced sites to the market from FY2008.
The lots, ranging from 2,000 sqm to 80,000 sqm, are suitable for a full range of industries, including service, distribution and manufacturing.
Parcels B (3.83 hectares) and C (4.30 hectares) have excellent exposure fronting Camden Valley Way presenting an opportunity to satisfy a number of prospective retail uses.
Investa’s commercial developments general manager Richard Johnston said Smeaton Grange offers a complementary industrial product in Eastern Creek.
“We are also pleased to report further success at Paramount Industrial Estate, Investa’s 194.5 hectare estate located in the industrial growth area of Melbourne’s West and the pre-eminent location for industrial occupiers in Australia. Following planning approval of Stage 2 in December 2005 unprecedented demand has resulted in the successful sale of all available lots in Stages 1 and 2,” he added.
Johnston said despite the average lot size in Stage 2 being almost double that of Stage 1, Investa has been able to achieve an even stronger sales rate per sqm than Stage 1 sales.
Stage 1 subdivision works are forecast for completion mid year and Stage 2 by end 2006.
Investa has retained the prime sites for land and building packages including owner occupiers, which will provide further opportunities following completion of the subdivision works. Lots in Stage 3 are expected to be released later this month.
The acquisition will be funded from existing debt facilities.
By Adam Parsons
