Lendlease’s Australian Prime Property Fund Industrial (APPF Industrial) has continued to grow its portfolio with contracts exchanged on the purchase of 15 Britton Street, Smithfield, NSW for approx. $47.05 million.
15 Britton Street is a strategically positioned asset located within a core logistics area in Sydney’s Central West. The property has a site area of 3.2 hectares and currently comprises a 12,979 square metre warehouse and office secured by a short-term lease to a prominent snack food manufacturer.
The asset is part of the fund’s strategy to provide well located warehousing and logistics solutions to satisfy the growing demand for improved fulfilment and last mile distribution facilities.
The fund plans to unlock further value as the site sits adjacent to its existing holding at 28-54 Percival Road by redeveloping both sites into a best-in-class multi-level logistics facility using Lendlease’s development expertise. The proposed development’s design draws on Lendlease’s understanding of industrial warehousing requirements gained through active customer engagement.
The development plans include multiple access ramps, high clearance warehousing, on-grade and recessed docks for all levels and B-Double approved access and manoeuvrability. It will also incorporate technology to advance smart buildings for the industrial sector, target sustainability outcomes with solar, energy and water efficient equipment and support employee health and wellbeing with respite areas and amenity including on-site retail, fitness and childcare.
The acquisition brings APPF Industrial’s portfolio of assets to 45. Gavin Bishop and Sean Thomson from Colliers and Chris O’Brien and Jason Edge from CBRE managed the sale process.
Tim Simpson, Fund Manager, APPF Industrial said: “Smithfield is a highly desirable location in Sydney and when complete this development will improve warehousing solutions for our customers, helping them to manage their supply chain expenses and business expansion needs in a land constrained market.”
“On a global scale, Australia is under catering for high quality and thoughtfully designed infill logistics properties to meet the accelerating shifts in consumer habits where tenants require fast and efficient supply chains. We’re driving our platform strategy to become a dominant developer and manager of infill and urban logistics.”