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28-30 Distribution Drive, Truganina. Image: CBRE
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  • Lendlease (LLC) secures three Mirvac warehouses in a $161 million transaction, as well as the expansion of global eCommerce giant Costway into Australia
  • Lendlease’s Australian Prime Property Fund Industrial (APPF Industrial) now enjoys 39 assets on the back of the new acquisitions
  • The acquisitions include the company’s first foray into the South Western Sydney market
  • Costway Wholesale, which sells over 50,000 specialised items, has secured a five-year lease at market rate for 28-30 Distribution Drive in Truganina
  • Shares in Lendlease are up 0.33 per cent, trading at $12.13 at 11:22 am AEST

Lendlease (LLC) has locked up three Mirvac warehouses in a roughly $161 million deal while also securing the global eCommerce giant Costway expansion into Australia.

Lendlease’s Australian Prime Property Fund Industrial (APPF Industrial) now enjoys 39 assets on the back of the new acquisitions.

The portfolio from Mirvac is 100 per cent leased and includes a site in Campbelltown NSW with a gross leasable area (GLA) of 16,641.50sqm, the company’s first foray into South West Sydney.

Another two sites are located in Altona, Victora, come with a combined GLA of 59,327 with an additional parcel of expansion land of roughly 10,500sqm available.

Lendlease managing director funds management Scott Mosely said the portfolio is modern, well-leased assets in tightly held precincts set to benefit from strong demand tailwinds.

“With two of the assets adjoining the fund’s existing holdings, this strategic acquisition provides multiple opportunities to unlock synergies and add further value for our investors,” he said.

“The industrial sector continues to benefit from global thematics including e-commerce, on-shore manufacturing and a desire to be positioned close to the end-consumer.

“This has driven increased demand for strategically located assets, with Campbelltown and Altona being prime examples of tightly held precincts that will continue to benefit from transport connectivity and continued investment in infrastructure.”

Just a suburb over from Altona, Lendlease has procured Costway, a global eCommerce company, who will open its first Australian distribution centre in Melbourne, which will be owned by Lendlease.

Costway Wholesale, which sells over 50,000 specialised items, has secured a five-year lease at market rate for 28-30 Distribution Drive in Truganina.

The 18,751-square-metre building was created specifically for Toll to house its Mars contract, and it currently serves as Costway’s first distribution centre in Australia.

Costway chose the facility for its high-volume product transportation because of its accessibility to western Melbourne’s road infrastructure, superior racking capacity, and several recessed loading docks.

CBRE’s Harry Kalaitzis, Todd Grima, Tom Hayes and Daniel Eramo introduced Costway to the site and secured the tenancy on behalf of Lendlease.

“This facility aligns perfectly with Costway’s global corporate image and provides many logistical advantages for its operations,” Mr Kalaitzis said.

“Truganina represents an ideal location for e-commerce occupiers due to its proximity to key infrastructure such as Port Melbourne, the CBD and Melbourne Airport.

“It also provides exceptional access to Melbourne’s major road networks including the West Gate Freeway, Western Ring Road and Princes Freeway.”

Shares in Lendlease were up 0.33 per cent, trading at $12.13 at 11:22 am AEST.

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