This article is from the Australian Property Journal archive
ISPT has closed out 2019 with one of the largest pre-lease logistics and warehousing deals of the year, securing appliances retailer Winning Group to a new 45,500 sqm purpose-built facility at its $300 million PortLink Logistics Estate in Melbourne’s western suburbs.
The lease is for an initial term of 10 years and construction is expected to commence in early 2020. Winning Group will occupy the facility from February 2021, to serve as the company’s main Victorian warehouse and distribution centre.
Buoyed by the demand for logistics and warehousing space, ISPT has also announced it will construct an additional 12,000 sqm speculative warehouse at the estate.
ISPT acquired PortLink in February as it sought to take advantage conditions in the sector, in which it now has an active $1.3 billion development pipeline on the eastern seaboard. The funds manager also recently acquired a 40 hectare development site in Truganina in western Melbourne, as well as properties in Greystanes and Prestons in Sydney, and at Wacol in south west Brisbane.
ISPT’s general manager – logistics & warehousing services, Ben Keen said Winning Group and speculative facilities at PortLink will form the initial stage of the 26-hectare estate in Altona North.
He said the masterplanned estate is in an ideal position to take advantage of the logistics sector’s appetite for flexible, tailored industrial accommodation.
“Our recent industrial acquisitions and the pre-lease to Winning Group provide an opportunity for ISPT to grow our logistics and warehousing sector, through the development of a high quality portfolio in key industrial markets, with excellent access to transport infrastructure, consumer populations and logistic workforces.” Keen said.
The estate is close the Princes Fwy, Western Ring Rd and Port of Melbourne.
John Winning, chief executive officer of Winning Group said the facility would increase the size of its distribution centre to 10,000 to 45,000 sqm, its largest in the country and in its 113 year history.
The facility will have 51 loading docks, four times more than our previous site, and a state-of-the-art racking system 13 metres in height.
ISPT has partnered with Aliro Group for site origination, leasing, development and investment management of industrial opportunities, including PortLink Logistics Estate.
Tom Hayes led a team from CBRE who introduced the Winning Group deal to ISPT.
