Visa Global Logistics expands into Erskine Park
Logistics tenants continue to dominate industrial sector transactions with Visa Global Logistics the latest to expand operations, committing to a purpose-built, warehouse and office facility in LOGOS’ Erskine Park Logistics Estate.
Visa has pre-committed to an initial lease term of 12 years – worth more than $2 million annually - and will occupy a 6,000sqm warehouse and an office facility with adjacent hardstand of 18,000sqm. Competition of the facility is anticipated for July 2018.
The site will support the privately-owned freight forwarding company’s Port of Botany operations which is part of Visa’s global network of worldwide trade lanes.
LOGOS purchased the Central Western Sydney site earlier this year.
LJ Hooker Commercial Silverwater Director Marcel Elias secured the lease on behalf of LOGOS.
“Logistics operators have been keenly seeking out premises which will create greater efficiencies in the short and long-term,” said Mr Elias. “These specialists are positioning themselves for further structural changes in the retail economy.
“Visa will process high volumes of container movements through the Port and need a distribution facility with access to city’s western distribution nodes. With infrastructure improvements through the M7, M4 and M5 transport corridors, the Erskine Park location is ideal.”
The Erskine Park Logistics Estate is one of several prime logistics facilities owned by the LOGOS Australia Investment Venture (LAIV), a partnership established in 2016 between LOGOS and one of its main shareholders, Ivanhoe Cambridge. The Venture has a long-term strategy to acquire and develop prime logistics facilities across Australia.
LOGOS’ Joint Managing Director John Marsh said: “LOGOS have worked closely with Visa to design the facility to ensure operational efficiencies have been maximized for Visa’s use, being container transportation and storage”.
LJ Hooker Commercial’s recently released Industrial Market Monitor
found rental growth picked up in the first half of 2017 following several years of stagnant growth.
found average prime rents in the outer region stood at around $115 psm.
The Monitor also found pre-lease incentives had remained unchanged in the last 12 months.
anticipated Sydney’s industrial vacancies would remain contained over the next 24 months as the New South Wales economy enjoyed further growth.
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