IFM, UniSuper win approval for $3.9b business park
IFM Investors and UniSuper have been given the green light to build an industrial estate opposite the entrance to the new Western Sydney International Airport.
Also the largest industrial zoned parcel in the master plan, near the proposed Bradfield City Centre, the 280 hectare Badgerys Creek holding, to be branded Burrah Park, will be developed in stages.
HB+B Property and IFM will be the development managers.
They will also oversee the leasing.
Richmond Bridge will act in a trustee management role on behalf of the joint owners.
Ex-Medich site set for development
The Burrah Park Industrial Estate site was acquired in March, 2024, when UniSuper and ISPT entered a 50:50 off-market joint venture to buy the 280 hectare holding, with Richmond Bridge advising on the transaction.
The deal was worth c$850 million.
Roberts Jones Funds Management was the vendor after assembling the holding from the Medich family in 2021 before selling down components to DHL and CDC.
IFM assumed ISPT’s interest following its takeover of the property fund manager later that year (continues below).
The business park’s end value is expected to exceed $3.9 billion.
Stage one is planned to deliver over 400,000 square metres.
The broader development should yield at least that amount of product again.
The estate is planned to have direct access to the M12 motorway, the airport’s cargo precinct and future rail infrastructure. Badgerys Creek is about 41 kilometres from the CBD.
“The approval of Burrah Park is a significant milestone in creating a world-class industrial and logistics precinct in the Western Sydney Aerotropolis, IFM chief investment and development officer, Real Estate, Will Walker, said.
“Burrah Park is the largest industrial zoned land parcel in the master plan, offering a once in a generation opportunity to deliver a marquee asset that has been designed to support Australia’s future freight and logistics needs while contributing to long-term economic development and job creation across Western Sydney,” he added.
“Owned on behalf of working Australians through their superannuation, this project reflects IFM’s focus on delivering investment outcomes that deliver for our clients and the millions of working and retired people they represent,” according to the executive.
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