The GPT Group (‘GPT’ or ‘Group’) today announced its two latest speculative Logistics developments are now 100 per cent leased, following the leasing of a recently completed speculative development at Glendenning, Sydney, and a warehouse currently under construction at Truganina, Melbourne.
The 17,100 square metre facility at 42 Cox Place, Glendenning, reached practical completion in January this year and has been leased to Total Tyres on an initial term of 10 years. A 29,800 square metre facility at Truganina is the Group’s second development at Gateway Logistics Hub and is leased to global e-commerce retailer The Hut Group for an initial five-year term with two further five-year options.
GPT’s Head of Office and Logistics, Matthew Faddy said: “This successful outcome supports GPT’s strategy of undertaking speculative Logistics developments and will add more than $92 million of investment assets to the Group’s portfolio. This strategy has allowed the Group to capitalise on the current strong demand for high quality Logistics and warehouse facilities that are well located, particularly in Sydney and Melbourne.”
Mr Faddy said that GPT is continuing to take advantage of the strong demand for Logistics facilities, with construction now underway on a further three speculative developments, due for completion in the second half of 2021. Construction of the Group’s third facility at Gateway Logistics Hub is underway, with the 24,000 square metre facility expected to have an end value of $39 million. In Brisbane, construction is progressing on a 16,300 square metre facility at Berrinba and a 17,000 square metre development at Wacol, which have a combined expected end value of $71 million.
“GPT remains focused on increasing exposure to the Logistics sector with $3 billion of investment assets, a $1 billion development pipeline and our joint venture with QuadReal Property Group,” said Mr Faddy. “We continue to make strong progress in securing development and investment opportunities in the Logistics sector, which continues to benefit from market trends, most notably e-commerce.”
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