ISPT signs major new Coles and Australia Post leases at Western Sydney industrial developments
At 61 Eastern Creek Drive, Coles have executed a 5-year lease over the recently completed 18,975 sqm building.
Australia Post has signed a 10-year lease on an 18,460 sqm building in Bessemer Business Park in Blacktown.
Leading fund manager ISPT has secured major lease commitments with Coles Supermarkets Australia (Coles) and Australia Post as it reaches practical completion on five speculative industrial developments in Western Sydney.
At 61 Eastern Creek Drive, Coles have executed a 5-year lease over the recently completed 18,975 sqm building. The super prime logistics facility was a speculative development by ISPT and provides Coles with a centralised location to service their customers, maximising cubic capacity and operational savings attributed with 5-star Greenstar and other ESG initiatives.
Australia Post has signed a 10-year lease on an 18,460 sqm building in ISPT’s Bessemer Business Park in Blacktown, enhancing their network efficiency in northwestern Sydney. The facility at 9 Bessemer Street was also a speculative development by ISPT and brings together industry leading ESG credentials including six E.V. charging power walls, 120 kl rainwater reuse tank, 398 kw solar harvesting and a 5-Star Green Star accreditation.
In addition, ISPT’s $420m Elevation at Greystanes estate enters its final stage of development following the completion of three buildings pre-committed by Couriers Please, Harris Farm and Karras Cold Logistics totalling 57,000sqm. Construction has commenced on a final 10,000sqm with strong tenant interest.
ISPT’s 492 ha industrial development pipeline is aligned to its strategic mandate, which provides the ISPT Core Fund with exposure to premium quality industrial developments in core East Coast locations, boosting the value of its industrial platform by a further $7.7 billion on-completion value and adding 2,150,000 sqm gross lettable area by 2029.
The fund manager’s industrial portfolio is currently worth $3.7 billion GRV with 99 percent occupancy across its 1,020,000sqm of assets.
With this eastern seaboard focus, ISPT’s industrial strategy is particularly invested in and committed to the Western Sydney market, recently acquiring a circa 280-hectare site ‘Burrah Park’ in Badgerys Creek in JV with UniSuper and settling on 52 hectares in Kemps Creek.
Quotes attributable to ISPT’s Head of Portfolio (Industrial), Tim Jackson
“Attracting premium tenant partners to our developments underpins the confidence we have in our industrial strategy and the quality of our development pipeline. Securing the likes of Coles and Australia Post in addition to recently completed facilities for Harris Farm, Karras Cold Logistics and Couriers Please, is testament to ISPT’s strategy of investing in premium quality estates with superior built form in core east coast markets.”
For further information please contact:
Nicole Grove
General Manager, Communications
E: ngrove@ispt.com.au
M: 0427 916 166
