Construction of the $30 million property, Macarthur Industrial Estate, has been completed with a leasing program now underway.
The fourth property fund, which is being marketed to wholesale investors, is a development to core fund and marks the next phase in the expansion of St Hilliers funds management platform.
Macarthur Industrial Estate joins 88 Talavera Road, North Ryde, and 127 Argyle Street, Parramatta, as seed assets for the new fund. A $200 million capital raising for the new fund is underway.
Macarthur Industrial Estate is located at 34-38 Anzac Avenue, Smeaton Grange and comprises a total of 22,028 square metres GFA on a 3.5 hectare site.
The property features six high clearance warehouse units of approximately 3,500 square metres each, with ancillary office space at mezzanine level and access
for 25 metre B-double articulated vehicles.
It also provides off street parking for 183 vehicles with separate entry and exit driveways.
St Hilliers designed Macarthur Industrial Estate to cater for the specific needs of companies seeking industrial warehousing, a sector of the market where there is limited supply of available properties and demand is strong.
According to Mr Nicholas Ridgwell, St Hilliers General Manager – Funds Management, improved infrastructure such as the M7 West Link had seen an increase in the levels of warehousing sought by the industrial property market in the Smeaton Grange area.
St Hilliers has initiated a leasing program for Macarthur Industrial Estate with Jones Lang LaSalle and Colliers International as joint leasing agents for the development.