Charter Hall Prime Industrial Fund buys Huntingwood site for $30 million
Charter Hall’s largest industrial fund, the $2 billion Prime Industrial Fund, has acquired a 5.6-hectare industrial site in Huntingwood in Sydney’s west from skincare company Beiersdorf for $29.7 million.
The fund plans to develop a prime A-grade 32,715-square-metre warehouse and distribution facility with a completion value of $65 million and has already lodged a development application for the project.
Demand from local tenants for space is strong due to the high level of NSW government infrastructure investments in the area, as well as as the scarcity of industrial space.
Charter Hall’s site is regular shaped and has B-double truck access. It also benefits from expansive frontage to the Great Western Highway and access to both the M4 and M7 motorways.
“Vacant industrial land within this precinct is rarely traded and very limited in supply. Land purchase rates have increased over the past few years within this precinct largely due to increased tenant demand,” said Colliers International’s Gavin Bishop, who sold the site with David Hall.
“Occupiers throughout the Huntingwood precinct are of an international corporate calibre and see this location as the premium precinct for their metropolitan and national warehousing and production operations.
“They are also showing preferences for A-grade, purpose-built facilities as they provide the ability to be specialised and build in further efficiencies.”
Huntingwood is one of Sydney’s premium industrial precincts attracting not just property owners such as Charter Hall but also new players like data centre developer and owner AirTrunk, which just raised $400 million to build its centre at Huntingwood, and another at Derrimut in Melbourne.
“Huntingwood is extremely well serviced by current major road infrastructure…this precinct will further benefit from future infrastructure, such as the WestConnex project and the second Sydney airport at Badgerys Creek,” Mr Hall said.
Charter Hall is Australia’s second-largest pure play industrial and logistics property owner and manager with a $4.7 billion portfolio in key Australian markets.
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