Major Super Fund investor, ISPT, obtained development approval this week to their $200m Elevation project at Greystanes in Sydney’s west.
The 18.6ha site at 63 & 10 Clunies Ross Street, Greystanes is located approximately 29.4km west of the Sydney central business district and approximately 8.7 km west of Parramatta and within the 90ha Greystanes Northern Employment Land. The site has good access to the M4 and the Great Western Highway.
The northern portion of the site (Lot 10 in DP 1022044) currently operates as the Austral masonry and building products facility. The southern portion of the site (Lot 107 in DP1028208) is currently unoccupied and is comprised of the former corporate headquarters of Boral Brickworks, which includes a large multi-storey office building and carparking areas which have been terraced into the existing landscape.
ISPT acquired the site from Boral in April 2018, for $60.1m.
Under ISPTs development proposal, which was submitted in August 2020, the group proposes to develop 7 warehouse buildings with a combined gross floor area of 87,501 m² and ancillary offices of 7,992 m².
The site is directly opposite established residential housing which resulted in a large number of submissions to the application, resulting in modifications to the design, including a reduction in height to one of the warehouses and further works in relation to noise mitigation. The proposal was approved (subject to conditions and minor modifications) on the 2nd July 2021.
Well located warehouse and logistics facilities that service densely populated areas are at the forefront of investor and occupier attention and the estate will fill an gap in Sydney’s serviced industrial land market.
ISPT has an extensive portfolio of industrial investments in Victoria, New South Wales, Queensland and Western Australia. In NSW it has a business parks in Blacktown and Rydalmere.
Further Information
Attached below are some of the planning documents referred to above;
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