Warehouse & online marketplace giant, Amazon has acquired an existing warehouse facility with expansion land in Sydney’s west for $181m.
The property at 2 Glendenning Rd, Glendenning will be the groups’ second facility in the suburb serving Sydney’s north and western districts.
The 10.4ha site accommodates 21,851sqm of net lettable area across three standalone buildings. The site also holds development approval for a core logistics estate of 22,560m² on the expansion land.
The existing improvements are fully leased to tenants including Coles Supermarkets, GPC Asia Pacific and Gemilang Australia with a WALE of 1.9 years. The property generates a net passing income of $2,731,660 ($125/m²) per annum, which is substantially below market levels.
The property previously formed part of a separate account client of AMP Capital and was marketed by Colliers’ Gavin Bishop and Sean Thompson in October 2022. Contracts for the site settled on the 23rd December 2022.