The GPT Group have celebrated the start of construction of its warehouse at 38 Pine Road, Yennora, which will house Westcon-Comstor, a global technology distributor specialising in data centres, IT infrastructure, collaboration and security.
At the sod turning ceremony for the warehouse, Westcon Australia Managing Director, Phil Cameron, joined GPT in turning the first soil on the site of the future 4,750 square metre warehouse.
Due for completion in early 2020, Westcon have agreed to a five-year lease, with the warehouse located on a 1.1hectare parcel of land adjacent to two existing warehouses on the site leased by global logistics provider DB Schenker. Westcon have sought to split their office and warehouse operations, and the new facility will operate as the national warehouse and distribution facility. The warehouse will have an end value of $12.4 million.
“This state-of-the-art, built-for-purpose warehousing facility will provide 80% greater capacity than our current warehouse space, enabling Westcon-Comstor to meet the ever-changing demands of the IT channel in Australia,” said Mr Cameron.
GPT’s Head of Logistics Development, Darren Hunt, said the facility was another great outcome for GPT given the land was previously non-income generating.
“Our success in securing Westcon-Comstor on a pre-lease as we take the first steps towards delivering this purpose-built facility, speaks to strong demand for quality logistics and warehouse facilities, particularly in Sydney,” said Mr Hunt.
“While GPT remains focused on delivering its existing development pipeline, capitalising on a small parcel of under-utilised adjacent land is further endorsement of The Group’s ability to identify new opportunities to grow its logistics portfolio.”
The development at 38 Pine Rd further supports GPT’s plans to increase exposure to the Logistics sector through further development and acquisitions. The Group currently has logistics developments underway in Melbourne, Sydney and Brisbane, continue to assess well located investment stock coming to market.