LOGOS Group is acquiring a 9.7 hectare industrial investment the vendors Time & Place and MaxCap are still constructing, in Melbourne’s north Epping.
The incoming purchaser has already branded the 46,240 square metre, three-building business park: LOGOS Epping Logistics Estate.
It estimates the asset at 415 Cooper Street will have an end value of about $70 million upon completion in the second quarter of next year.
JLL’s Matt Ellis represented Time & Place and MaxCap, which paid CostaFox $20m for the Epping tract in late 2018, settling in July, 2019.
That vendor purchased the parcel for $9.5m two years earlier.
Opposite Melbourne Wholesale Fruit Vegetable & Flower Market, the property is a couple of hundred metres east of Campbellfield.
Epping is about 20 kilometres from the city.
LOGOS picks high-profile site after scanning north for years
LOGOS head of Australia and New Zealand, Darren Searle said the company has been looking to expand its portfolio into Melbourne’s north “for a number of years” (story continues below).
The executive added there is strong demand from its customers for high quality assets in the area.
Its new estate will contain buildings measuring 5815-19,730 sqm.
Occupiers are now being sought for spaces in configurations from 5000 sqm.
Time & Place director Chris O’Keefe said “with the continued growth of ecommerce, which has been strengthened over the past few months as a result of the lockdowns, we expect to see strong demand for small to mid-size modern logistics warehousing space as retailers look to service their customers online”.
The Epping site was one of the seed assets in the MaxCap Industrial Opportunity Fund, which was designed to acquire and develop logistics related stock.
In April the trust spent $65m on a 14ha parcel in Melbourne’s inner west Brooklyn.
Earlier this month it was speculated Time & Place was paying Mobil about $52m for an 8.8ha (now cleared) former petrol chemical storage depot at 44-76 Simcock Avenue, Spotswood.
The Cooper St property is LOGOS’ 46th asset or development site.