Western Sydney Parklands Trust is seeking a development partner, or one to take a ground lease, for all or part of a prominent Eastern Creek site earmarked for a $400 million-plus industrial estate.
The government arm earlier this month launched an expressions of interest campaign for the recently permitted Light Horse Business Hub.
About 29.4 hectares of the land at the south east corner of the M4 and M7 motorways is developable.
Agents David Hall, Peter Dale and Gavin Bishop from Colliers International said any incoming owner could adapt the draft plan of subdivision to suit pre-lease requirements.
The address, near Sydney Orbital Network, they added, “provides superior logistics efficiency for both interstate and metro distribution”.
Eastern Creek is about 12 kilometres north east of the proposed Western Sydney Airport.
It is 35km west of the city.
Major industrial landlords based locally and offshore, including Ascendas Reit, Charter Hall, Dexus, Frasers Property Industrial, Goodman, GPT and LOGOS are expected could submit offers.
Light Horse Business Hub site at a glance
On the Light Horse Interchange – with 900 metres of M4/M7 frontage – the WSPT holding includes 165 Wallgrove Road and 475 Ferrers Rd, which are bisected by Eastern Creek.
All up it spreads 35ha, but more than 10 per cent must be retained for vegetation and infrastructure including a new entrance (current access is via an underpass).
The property contains some improvements from when it was used as an army camp and military establishment.
This month, WSPT was permitted to build an industrial estate containing about 157,600 square metres of industrial stock and 7900 sqm of ancillary offices.
Its proposed plan of subdivision allows for sites between 3.4-5.6ha.
The development timeline is estimated at about seven years (story continues below).
It is offering a ground lease term of up to 90 years.
The vendor added that following the close of the expressions of interest campaign, it might negotiate with two or more proponents, for different parts of the tract.
It would also entertain non-complying or alternative proposals, which might require amending the permit.
An outcome is expected to be announced in March.
Western Sydney Parklands Trust on track for $1b-plus of investment
Western Sydney Parklands covers 5280ha along a 27km stretch from Quakers Hill to Leppington.
Three government areas – Blacktown, Fairfield and Liverpool are crossed.
“While much of the land has yet to be developed for its long-term purpose, planning has identified a diverse range of recreation, community, tourism, sporting and business uses, linked to high quality bushland and cycling networks and urban farmlands,” the government said in its Request for Proposals.
“To create a sustainable future for this significant community asset in Western Sydney, WSPT plans to lease two per cent of its lands for long-term commercial leases and employment generation.
“All proceeds from these business hub projects will be used by WSPT to fund the ongoing development of new community facilities, environmental management, cultural events and programs and land management”.
Horsley Drive Business Park Stage 1 was developed as Australia’s first 6 Star Green Star industrial estate and the land owner is interested for Light Horse to achieve similar outcomes, it said.
It has entered management agreements for four other parkland sites, now known as Horsley Drive Business Park Stage 1 (developed in 2014), Eastern Creek Retail Centre (2016), Bringelly Road Business Hub (2017) and Horsley Drive Business Park Stage 2 (2018).
“WSPT’s business hub and tourism hub program is on target to exceed $1 billion of capital investment for Western Sydney in the next few years,” the government said.
“With the growth of e-commerce accompanied by the lack in available of serviced/development ready industrial zoned land within Sydney, the Light Horse Business Hub will be one of Sydney’s key destination sites for many national and international corporate occupiers, underpinning the performance of the site well into the future,” Mr Hall added.