Charter Hall completes first multi-level warehouse
One of the country’s biggest industrial landlords, Charter Hall, has completed the first of what it expects to be many multi-level warehouses.
In Sydney’s inner south Alexandria, the three level facility, 520-530 Gardeners Road, replaced a Bunnings the manager bought for $70m in 2020.
Dubbed Ascent on Bourke (it also fronts the suburb’s Bourke Rd), it contains 26,000 square metres of warehousing over two floors.
Only one tenancy, of 2097 sqm, is empty, a spokesperson said.
Coles Group and Schindler are the two highest profile occupiers.
There is also 5000 sqm of A-grade office space, about 600 sqm of which is vacant, they added.
Landmark warehouse
Charter Hall, on behalf of the Core Logistics Partnership (CLP), acquired the 1.9 hectare Alexandria site from prominent businessmen John Curtis, David Gonski, and Simon Mordant, via Mordant Properties, who outlaid $16m five years earlier (story continues below).
“The completion of our first multi-level warehouse…marks a shift in the logistics sector, by offering new levels of efficiency and space optimisation in highly land constrained markets,” the manager’s Industrial and Logistics chief executive officer, Richard Stacker, said.
“The demand for efficient and strategically located warehousing has never been greater,” he added.
“In this fast-paced economy, where long delivery times frustrate customers and cost businesses, the proximity to key urban centres accelerates speed to market, helping our tenant customers stay ahead while also delivering strong returns for investors,” according to the executive.
The building is aiming for a 5-star Green Star Design and As Built rating, with a 300kw solar system, EV charging stations and smart irrigation.
CLP fund manager, Simon Greig, said “the development is in line with our fund strategy, improving portfolio quality for our two Australian superannuation fund investors and delivering high quality industrial and logistics facilities that support our customers’ growth”.
Alexandria is about five kilometres south of Sydney’s CBD.
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