Goodman snares major Melbourne industrial estate
Goodman has added another major investment to its portfolio.
This time, the ASX-listed group is buying the going concern for the O’Herns Logistics Park at 25 Vearings Road, Epping, earthwork construction of which recently started.
Covering 259.3 hectares – 118.1ha of which is developable – it is permit-ready for product up to 700,000 square metres, with an end value of c$350 million (it is believed to be paying c$240m).
The lettable area could be expanded if pre-commitments are to occupiers like data centres or increasingly, logistics providers, which use high-rise buildings.
The first stage of the business park, development of which is underway, should conclude this financial year.
Sandhurst Retail and Logistics was the vendor.
LAWD’s Peter Sagar, Paul Callanan and Henry Sayers with Colliers’ Daniel Telling, Sean Thomson, Nick O’Brien and Gavin Bishop were the agents.
Goodman, Australia’s largest industrial landlord (by area) – but an investor in 16 other countries too – has inhouse leasing.
Epping is 20 kilometres north of Melbourne’s CBD.
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