Sydney Developer, Loftex has acquired a 4.9ha site in Marsden Park for its next logistics project.
The site at the end of South Rd, Marsden Park is at the western edge of the Sydney Business Park. Developer Loftex paid $35m for the site ($707/sqm of site area), settling the site in early March.
Loftex recently completed a state of the art logistics facility at 5 Yarrawara Street Prestons which featured 15,000sqm of lettable area. Loftus acquired that site in February 2020 for $16m and following completion of the development, leased the facility to ACFS – Australia’s largest privately owned container logistics operator and sold the property to Pittwater Industrial for $58m in March 2022.
Loftex are keen to repeat their success at the new site location in Marsden Park and will plan to develop close to 30,000sqm of logistics facilities across the site.
The site has good access to the M7 Motorway via Richmond Rd and is in close proximity to large Logos Marsden Park Estate which recently secured H&M and COS to new distribution facilities. Other nearby users include Ikea, Costco, Toll and Dulux.
A Development Application for a 22 lot subdivision was lodged with Blacktown City Council by the Vendor in 2019 and is yet to be approved, however Loftex are likely to lodge a new application for the site.
A second site at 306 South Rd was also sold in recent weeks with Universal Property Group acquiring a 10ha site for residential development. UPG paid $43.0M for the site which settled in early April 2022.
Related Articles
