The GPT Group (GPT) has reached practical completion on a 18,000 square metre logistics facility at 18-24 Abbott Road Seven Hills.
The new facility comprises of two 9,000 square metre warehouse and office spaces, with a tenant being secured for one of the spaces on a 7 year term.
GPT’s Head of Office and Logistics Matthew Faddy said the Seven Hills development was part of the Group’s strategic focus to grow its Logistics portfolio in prime locations across Western Sydney, primarily through development.
“The speculative development at Seven Hills has added a quality logistics asset to the GPT portfolio and has allowed the Group to find a long-term income from a former manufacturing site that had reached the end of its economic life,” Mr Faddy said.
“The successful delivery of the Seven Hills facility, amid the limited availability of prime logistics space across Western Sydney, endorses GPT’s strategy of undertaking its first speculative logistics developments in several years,” Mr Faddy said.
“Demand for logistics space remains at record levels across Sydney, with the majority of the take up in Western Sydney where GPT remains on track to deliver $125 million of logistics assets in 2017.”
GPT has also confirmed a Heads of Agreement (HoA) has been signed for GPT’s recently upgraded 21,000 square metre facility on Huntingwood Drive, Huntingwood, which the Group purchased last year.
The Group is now actively progressing plans for an additional development on the 7 hectare Huntingwood site, which has the potential to accommodate another 10,000 square metre logistics facility.
GPT has also commenced construction works at Eastern Creek Drive, Eastern Creek where it has received development approval for a 25,600 square metre logistics facility. Construction of the asset is expected to be completed in October.
The Group has received a strong level of enquiry on the planned Eastern Creek facility from potential tenants.