Frasers are settling on more land in Horsley Park near to their existing Business Park as the group seek to find new ground for its next logistics / industrial project.
The land is located 800m west of their existing Business Park within land which is currently zoned rural but has the potential to be rezoned and re-developed quickly for employment uses.
Known as the “Keyhole site”, the land is within an area surrounded by the Western Sydney Parklands between the M7, the Horsley Drive, Chandos Rd and Cowpasture Rd and is a prime location with convenient access to major road and freight corridors networks and importantly connected to existing services.
The keyhole precinct comprises 24 separate lots covering 55 hectares of land which Frasers have been targeting since 2017. The Group have settled on approx 28 ha of the land so far worth approx $70m.
The latest parcel to have settled was at 187 Chandos Rd Horsley Park, a 2.9ha site which Frasers have paid $7.2M ($250/sqm). Settlement took place on the 4th March 2021.
The precinct is in close proximity to the Freight Rail Investigation Corridor which will connect the future Outer Sydney Orbital & Intermodal Terminal near Luddenham and the Southern Sydney Freight Line near Leightonfield. This Corridor directly intersects part of the Frasers precinct providing the impetus to consider rezoning the land for industrial and employment uses.
It is possible, though unlikely, that the precinct will also be in close proximity to a proposed Sydney Metro line to run between Western Sydney Airport and the end of the current Sydney West Metro line at Westmead.
Any rezoning of the land will take some time for NSW Planning to consider as there will be pressure to retain the rural landscape and natural habitats around the Western Sydney Parklands. Earlier plans for Sydney sought to protect this area as part of a green belt running through the centre of the greater urban area.
A report to the Greater Sydney Commission in 2017 prepared by EG on behalf of Frasers seeking support for a rezoning of the land identified that Sydney was facing a shortfall of available “zoned and serviced” employment land across the region with supply likely to meet a 1 -2 year demand at average take up rates and that most of the long term industrial zoned land is likely to have servicing constraints which would defer delivery.
Frasers confidence in settling the land suggests that the consideration of the rezoning is gaining support from within Government.
The precinct is 800m from the 20ha Business Park on the corner of Cowpasture Rd and Horsley Drive which was delivered by Frasers under a delivery agreement with the Western Sydney Parklands Trust.
Frasers were not prepared to comment on the transaction or their plans for the site.
Whilst Frasers are yet to settle on the whole of the land in this precinct, it is possible that the remaining land has been secured under option agreements.
The investment of circa $70m in the acquisition to date of the 28ha which Frasers have acquired so far is a significant investment given that there remains a great risk to the rezoning of the site.
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