Sydney Olympic Park Authority has let a 25,637sqm site at 201 Parramatta Road to experienced local developers Trumen and Norman Property Partners – representing the eighth industrial development in Sydney that Trumen and Norman have developed in the past 24-months.
The masterplan for Homebush Logistics Centre at 201 Parramatta Road will include corporate offices and high clearance warehousing with 13.7m internal clearances, and will accommodate for users from 1,300sqm to 11,000sqm. The project has a proposed completion date of Q2 2021.
The 99-year ground lease was negotiated by CBRE’s Michael O’Neill, Shaun Timbrell and Jason Edge at a rental range between $40-$50 per square metre (net) for usable land.
The public Expressions of Interest campaign ran in late 2019 and attracted attention from both developers and owner occupiers, it was finalised on 26 March against the backdrop of COVID-19.
Homebush Logistics Centre is directly opposite Sydney Markets and has clear access to the M4 and Parramatta Road, which makes the site ideal for on-line and food related users.
Mr O’Neill said that while investors typically had a stronger appetite for freehold sites, several groups recognised the enormous potential that the location’s connectivity offered end-users.
Raj Chaudhary, NSW Associate Director of CBRE Industrial & Logistics, commented that several occupiers had experienced 100% increase in online demand since mid-March.
“The impact of the COVID-19 has been widespread, but Sydney’s Central West remains active on the back of the surge in online shopping and, more specifically, food related demand,” Mr Chaudhary said.
“Some of this activity has been driven by consumer ‘panic buying’, but we expect demand for online delivery to continue in the current environment and, if the consumer experience is positive, we expect it will only drive quicker adoption rates in the medium term.”
“We expect that occupier interest will be equally as strong amidst the COVID-19 pandemic, given the attributes the site will offer online-based users.”
The masterplan for Homebush Logistics Centre at 201 Parramatta Road will include corporate offices and high clearance warehousing with 13.7m internal clearances, and will accommodate for users from 1,300sqm to 11,000sqm. The project has a proposed completion date of Q2 2021.
The 99-year ground lease was negotiated by CBRE’s Michael O’Neill, Shaun Timbrell and Jason Edge at a rental range between $40-$50 per square metre (net) for usable land.
The public Expressions of Interest campaign ran in late 2019 and attracted attention from both developers and owner occupiers, it was finalised on 26 March against the backdrop of COVID-19.
Homebush Logistics Centre is directly opposite Sydney Markets and has clear access to the M4 and Parramatta Road, which makes the site ideal for on-line and food related users.
Mr O’Neill said that while investors typically had a stronger appetite for freehold sites, several groups recognised the enormous potential that the location’s connectivity offered end-users.
Raj Chaudhary, NSW Associate Director of CBRE Industrial & Logistics, commented that several occupiers had experienced 100% increase in online demand since mid-March.
“The impact of the COVID-19 has been widespread, but Sydney’s Central West remains active on the back of the surge in online shopping and, more specifically, food related demand,” Mr Chaudhary said.
“Some of this activity has been driven by consumer ‘panic buying’, but we expect demand for online delivery to continue in the current environment and, if the consumer experience is positive, we expect it will only drive quicker adoption rates in the medium term.”
“We expect that occupier interest will be equally as strong amidst the COVID-19 pandemic, given the attributes the site will offer online-based users.”
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
