Goodman has secured a second last miles logistics estate in Guilford, 31 kilometres west of the Sydney CBD.
The 7.1-hectare property at 132 McCredie Road, Guilford, was acquired from BP Australia for $40.2 million, exchanging and settling contracts in June 2021.
The sale was reported to have been sold with a two-year lease back to Castrol, which will pay annual rent of $1 million.
BP will take responsibility to remediate the site over the 2 year lease term, enabling Goodman to prepare a development application for circa 30,000-35,000sqm multi-unit logistics estate with an end value of around $120 million.
The site sits within the Smithfield / Yennora industrial precinct and within a corridor earmarked for an extension of the Western Sydney Freight Rail extension which is intended to link Port Botany with a western intermodal facility at Kemps Creek. The exact route is yet to be published. With no obvious opportunities for the rail link, the Government will be having to resume a mix of public and private lands to make way for any above ground link.
Goodman currently own a site opposite the BP site at 149 McCredie Rd where they are currently replacing the existing distribution centre to make way for tenancies, ranging from 4,000–8,000 sqm across two new warehouse buildings with 5 of the 8 tenancies fully leased.
Both sites are just off the Cumberland Highway and in close proximity to the M4 Motorway and Hume Highway.