GPT Group has spent $192.7 million on four Australian east coast industrial properties – three of them development sites.
The purchases, part of plans by the listed giant to expand its logistics portfolio, include in Sydney’s west:
- A 33.4 hectare block at Kemp Creek, 39 kilometres from the CBD, and
- A 3.1 hectare site at Glendenning, 44 kilometres from town.
In Melbourne, GPT is buying a 23,000 square metre Truganina investment, leased for 10 years upon completion mid next year to a logistics company.
Truganina is about 22 kilometres from the city.
GPT is also buying in Melbourne a 32.8 hectare parcel on Boundary Road, Tarneit, about three kilometres west of Truganina.
“The addition of three new development sites in our core markets of Sydney and Melbourne, combined with projects currently underway, provide the group with the opportunity to deliver more than 550,000 square metres of new prime logistics facilities with an estimated end value on completion of excess of $1 billion,” GPT Group chief executive officer Bob Johnston said.
Settlement of the properties will occur between 2020 and 2022.