This article is from the Australian Property Journal archive
FUND manager ISPT’s speculative industrial developments in Western Sydney has paid off with major leases with Coles and Australia Post.
The five speculative developments include facilities at 61 Eastern Creek Drive in Eastern Creek and 9 Bessemer Street in Blacktown, with three buildings completed at Elevation at Greystanes Estate with construction commencing on a final 10,00sqm.
“Attracting premium tenant partners to our developments underpins the confidence we have in our industrial strategy and the quality of our development pipeline,” said Tim Jackson, head of industrial at ISPT.
“Securing the likes of Coles and Australia Post in addition to recently completed facilities for Harris Farm, Karras Cold Logistics and Couriers Please, is testament to ISPT’s strategy of investing in premium quality estates with superior built form in core east coast markets.
Coles have executed a 5-year lease over the recently completed 18,975sqm super prime logistics facility at 61 East Creek Drive.
The development will provide Coles with a centralised location to service their customers, maximising cubic capacity and operational savings attributed with 5-star Greenstar and other ESG initiatives.
While Australia Post has made a 10-year commitment to a 18,460 building at Bessemer Business Park, which includes industry leading ESG credentials including six E.V. charging power walls, 120 kl rainwater reuse tank, 398 kw solar harvesting and a 5-Star Green Star accreditation.
ISPT’s $420 million Elevation at Greystanes Estate, located at 44 Clunies Ross Street in Prospect, has entered its final stage of development.
The three completed buildings spanning 57,000sqm are pre-committed to Couriers Please, Harris Farm and Karras Cold Logistics.
Elevation was also ISPT’s first industrial facility to achieve a 6 Star Green Star Design and As Built Certification.
ISPT currently boasts a 492-hectare industrial pipeline, which will boost the value of its industrial platform by $7.7 billion upon completion and a further 2,150,000sqm gross lettable area by 2029.
ISPT’s industrial platform is currently worth $3.7 billion GRV with 99% occupancy across its 1,020,000sqm of assets.
