Kumho Tyres will more than double the size of its Sydney distribution centre and storage facility, with the pre-commitment of an 11,366 square metre Marsden Park warehouse.
The subsidiary of China tyre giant Doublestar has signed a 10 year lease for the proposed property, within the 256 hectare Sydney Business Park, being developed since 2013 by the Wearn and Singh families.
The occupier will vacate a 5500 sqm Glendenning factory, according to the AFR, which is reporting the deal.
“We’ve been experiencing significant growth in NSW and needed to expand our warehousing,” Kumho head of operations, Andy Topic, said of the lease.
Estate filling up
Upon completion at the end of this year, Kumho’s Marsden Park asset is speculated will be worth c$37.5m (story continues below).
Other occupiers within the estate, which opened in 2013, include ASICS Oceana, which opened a 30,000 sqm distribution centre in 2019 and Australian Pharmaceutical Industries – which pre-committed to a 32,506 sqm warehouse on 4.4ha two years ago.
Aldi, Ausred, Axalta, Costco, Dulux, JB Hi Fi, Forty Winks, IKEA, Lindt and The Good Guys also rent within the estate, which is expected will be worth c$2.9 billion when completed (it is about half developed now).
Marsden Park is c50 kilometres north west of Sydney.
More to come.