LOGOS has released construction shots of News Corp Australia’s Truganina printing press – five months after it was reported to have broken ground.
The initial lease term is 10 years.
It is from this property its Herald Sun and local The Australian newspapers, as well as Nine’s The Age and Australian Financial Review, will be produced.
A Ballarat factory presently used by the latter is reported will close when the replacement Truganina Industrial Estate building opens early next year (story continues below).
News Corp has already sold its landmark inner-city Port Melbourne factory – in a low-key deal last year, speculated to be worth about $55m.
It was the first tenant to pre-commit to the LOGOS estate at 285 Palmers Road.
LOGOS paid $28m mid-last year for the 27.5 hectare parcel making way for the business park.
This quarter the landlord has purchased two north Melbourne industrial investments including an ex- Woolworths distribution centre in Broadmeadows, with Ivanhoe Capital, for $50.2m, and an Epping estate.