GPT and Stockland have expanded their Kemps Creek land holdings in deals this week worth $87m.
GPT settled on a further 38ha of land at 771 & 783 Mamre Rd for $48.9m, while Stockland settled on 10ha of land 90 Aldington Rd for $38.5m.
For GPT, the Mamre Rd deal shows a headline price of $127/sqm of site area, however the Mamre Rd Precinct Structure Plan indicates only 10 ha of the site is suitable for urban development, suggesting that GPT have paid $489/sqm. The deal was likely to have been struck in 2021 when the property was marketed for sale via Ray Trimboli of Savills Parramatta.
The acquisition extends GPT’s holdings in Kemps Creeks following their acquisition of 35ha directly across Mamre Rd in June 2021 at an average price of $484/sqm. The Group have established this site as Yiribana Logistics Estate with capacity for approximately 182,000 square metres of prime logistics space and an estimated end value on completion of $600 million. Delivery of the first warehouse facility is expected in this year. Quadreal hold a 50% interest in the Western part of the Estate.
The Stocklands’ acquisition at 90 Aldington Rd contains approximately 6.7ha of developable land, indicating a rate of $574/sqm of developable area. The land adjoins existing land controlled by a Stockland / Fife Joint Venture.
The majority of developable land in Kemps Creek is now tied up by (approximate areas);
- Frasers/ Altis (119ha) – The Yards
- FIFE / Stockland (100ha) – 200 Aldington Rd
- Dexus (92ha) – Dexus Aldington
- ESR (86ha) – Westlink
- Frasers / Australand (70ha) – Aldington Rd
- Mirvac (55ha) – Aspect Industrial Estate
- GPT (45ha)
Stockland and GPT declined to comment on the recent transactions.
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