GPT have settled on the first 10ha parcel of land at Kemps Creek, paying $33.6m ($326/sqm).
The site forms part of a 33.4ha parcel which the group have under contract on Mamre Rd. The remaining parcel of land will settle for approx $66m in April 2021.
GPT’s preliminary development plan suggests the site will accommodate approximately 160,000sqm of prime logistics space when complete, with flexible warehouses configurations of ~19,000sqm to ~47,000sqm expected to be constructed. The expected value on completion is estimated to be $445m.
Following the NSW Government’s approval of the Mamre Road Precinct Structure Plan in June 2020, the Department of Planning and Penrith City Council are finalising a Development Control Plan (DCP), and a local Infrastructure plan due for exhibition in late 2020.
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