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Australian Prime Property Fund Industrial, a specialist investment vehicle backed by property giant Lendlease (ASX: LLC), has consolidated its position in Sydney’s central west through the $47.05 million acquisition of an industrial property at Smithfield.
The property, located at 15 Britton Street, is positioned adjacent to APPF Industrial’s existing holding at 28-54 Percival Road with the unlisted wholesale investment fund planning a major redevelopment of the property.
The Britton Street property, located within a core logistics area off the Cumberland Highway, has a site area of 3.2 hectares and currently houses a 12,979sqm warehouse and office which is tenanted on a short-term lease by snack food manufacturer Snack Brands.
APPF Industrial says it plans to unlock value in the combined holding with 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 will draw on Lendlease’s ‘understanding of industrial warehousing requirements gained through active customer engagement’.
Development plans for the site 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 to 45 assets across Australia and meets the fund’s strategy of securing properties that meet demand for fulfilment and last-mile distribution facilities.
“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,” says APPF Industrial fund manager Tim Simpson.
“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.”
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