Stockland has secured two high profile businesses to tenant a $44 million speculatively built facility at its KeyWest Distribution Centre in Truganina, in Melbourne’s west.
JB Hi Fi and Brandlink have taken a combined 30,000 square metres.
The recently completed 30,576 sqm complex forms part of a Stockland plan to push into Melbourne’s industrial distribution sub-sector.
The investor has set up a workplace and logistics development pipeline worth over $2.5 billion, including projects in Yatala and Willawong in Brisbane, Ingleburn, Sydney, as well as Keywest, in Truganina.
“Melbourne’s western growth corridor has experienced unprecedented growth over the last decade, with the upwards trend projected to continue as the total population of the Melton Local Government Area is expected to reach 254,095 by 2029,” Stockland group executive and chief executive officer, Commercial Property, Louise Mason, said.
Stockland general manager, Workplace and Logistics, Tony D’Addona added the company was seeing strong interest in the Truganina corridor “from growth businesses like e-commerce and third party logistics companies looking upscale or establish a footprint in Melbourne”.
In November, the company unveiled plans to co-build the $2 billion Melbourne Business Park logistics centre on a 260 hectare site, also in Truganina.
KeyWest Distribution Centre occupies a 5.1 hectare site about 25 kilometres from the city.
The JB Hi Fi/Brandlink facility contains two warehouses, of 17,142 sqm and 11,858 sqm, 1500 sqm of office area and a 6500 sqm all weather loading awning.
It also includes 15 on-grade roller doors, eight recessed docks within a 38 metre awning, and separate car and truck access.
All up, 217 car parks are provided.
The Carmen Street area where KeyWest is located is approved for 24 hour/7-day-a-week operations and B-Double sized trucks up to 26 metres long.
The estate is about 850 metres from Robinsons Road.
JB HI FI has committed to the biggest area – 18,023 sqm – for an initial lease term of seven years.
The Truganina warehouse will act as that company’s Melbourne big and bulky goods delivery centre, Stockland said.
Brandlink, a promotional logistics company, has rented a 12,477 sqm space, also until 2027.
According to JLL research cited by Stockland, western Melbourne as the city’s most active industrial precinct since 2010 “with increasing appeal for logistics, light manufacturing and food distribution tenants”.
Stockland’s spending and selling spree
Established in 1952, the Sydney based property giant owns, develops and manages retail, residential, retirement, and industrial product.
On Wednesday we reported Stockland is paying $15 million for a timber yard in Melbourne’s inner north Brunswick, which was recently rezoned to allow for the construction of circa-eight level apartment buildings.
Last month it spent $105 million on an 89.5 hectare Donnybrook farm, in that city’s outer north.
In November, it invested $110 million on two North Sydney offices adjacent to another it owned.
Stockland has been an active vendor, too, over the past 12 months selling the Tooronga Village Shopping Centre in Melbourne for about $64 million, and in Sydney, Cammeray Square, for $39.05 million and a Merrylands residential development site ($41 million).