Dixie Cummings leases two Lidcombe warehouses

The Carter Street Precinct portion (shaded) controlled by Australia YMCI.

Dixie Cummings Enterprises has leased two warehouses in Lidcombe’s Carter Street – one on land owned by China’s Yunnan provincial government earmarked for major urban renewal.

A “rush on particular consumer items” has resulted in the need for the additional space, according to Colliers International’s Tony Durante and Phillip Bradac.

City of Parramatta recently sought community input into the naming of Carter Street Precinct’s new roads and parks.

The agents added they have a longstanding relationship with the client and an intimate knowledge of its needs which “resulted in these lease agreements being signed in quick succession”.

All up, Dixie Cummings has rented 18,231 square metres between two facilities, at #6 (pictured, top) and #29.

The latter is on a short-term agreement: the owner, Yunnan Metropolitan Construction Investment Group’s local subsidiary, Australia YMCI, intending to replace the warehouse with a park as part of plans to fill its block (pictured, above, right) with 421 dwellings within three apartment towers.

Lidcombe is about 18 kilometres west of the city, near Homebush.

Precinct earmarked for urban renewal

Australia YMCI’s Lidcombe site falls within a 52 hectare zone known in planning circles as Carter Street Precinct.

Between Sydney Olympic Park and north of the M4 Motorway, it is mooted by 2040 to contain offices, shops, a large primary school and some 5500 dwellings (story continues below).

Much of this product will replace industrial stock.

Several projects have already been approved and last year, City of Parramatta sought community input into naming proposed streets, lanes and open spaces.

Australia YMCI has proposed a mixed-use village called Ovation Quarter at 29-33 Carter St – currently an industrial park known as IBC Business Estate.

It acquired the property in 2016 from Goodman Group for $660m.

Shortly after it applied to construct 3000 apartments in 12 towers.

Harry Triguboff’s Meriton is also in the pocket, building hotel suites and apartments within towers on a 5.2ha site, 1-5 Carter St, for which it paid $245m in 2015, also from Goodman.

This site is opposite Dixie Cumming’s factory at #6 – which is on land zoned B6 Enterprise, set to continue as an employment zone. The furniture importer and wholesaler has signed a (longer) two year rental agreement, here.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.