Goodman acquires Castrol HQ

The 7.16 hectare site (shaded) is earmarked for a distribution centre.

Goodman Group is understood to be paying BP Australia $40.2 million for Castrol’s Smithfield headquarters.

The 7.16 hectare property, 132 McCredie Road, was offered with a two year leaseback.

The starting annual net rent is $1m.

As part of the deal, BP will remediate the land.

Goodman is then expected to develop a c35,000 square metre last-mile logistics centre.

Elsewhere in Sydney, the landlord in May secured Australia Post to a 21,152 sqm space at Botany’s Port Air Industrial Estate.

Not long earlier, the property investor secured Alspec subsidiary Aluminium Façade Systems to a 6047 sqm Eastern Creek distribution centre.

BP meanwhile, has been an active seller – since 2019 offloading a stake in both an Australian and New Zealand convenience retail portfolio, to Charter Hall.

Ten months ago the petroleum giant also divested a former Redfern service station to Wee Hur, which is planning a student accommodation complex (story continues below).

132 McCredie Road

The Smithfield property was built for Castrol in the 1960s, it contains improvements spreading 11,899 square metres.

At the Guildford West border, the Industrial 1 zoned block is about 26 kilometres west of Sydney, along a B-Double approved access route.

JLL’s Roger Miller represented BP.

The sale comes two months since a 7334 square metre Smithfield site presently tenanted to BlueScope Steel sold to an owner-occupier for $10.3m.

At the start of the year, Tyres 4 U signed a seven year lease agreement for a 2.4ha property in the suburb recently vacated by Snack Brands Australia.

Mirvac holds that investment, 39 Britton St.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of