ESR has added to its industrial land bank with the settlement of an 8.7ha parcel of land on the corner of Ingleburn Rd and Dickson Rd, Leppington.
The IN2 Light Industrial zoned property is within 850 metres of the Leppington train station and future town centre and has good access to the arterial road network servicing Western Sydney. Leppington is set to benefit from the new Western Sydney Airport and associated infrastructure upgrades, making this a key location for a distribution centre.
The site is 3.5kms from ESR's other major development in the area, the Bringelly Road Business Hub, which is already home to CEA and SteelForce, with a new Bunnings Retail store due for completion in Q3 2021. A further 3 warehouses, totalling 36,000sqm remain available at the Business Hub.
The new Leppington Industrial Estate will comprise similar distribution / warehouse facilities. A development application is yet to be lodged for the property however indicative plans suggests 36000sqm of warehousing will be available with individual units varying from 6,000sqm to 18,000sqm in area.
ESR paid $34.2m for the site ($390/sqm) whcich compares to Stocklands' acquisition of a 13ha parcel of land in Gregory Hills in May 2019 for $47.13m ($362/psm).
The site was offered for sale by 4 separate vendors in a collective sale managed by Elders. Contracts were held under an option agreement which was exercised in April and settled on the 17th May.
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