Woolworths development arm, Fabcot have acquired an industrial site in Wetherhill Park for $61m.
The property at 250 Victoria Street was acquired by Fabcot in an off market transaction for $61M. The 8.6ha site is largely undeveloped with an existing vacant 11,021sqm warehouse.
It was previously reportedly sold in 2018 to developer, JVMC also for $61M in an transaction managed by JLL. At that time it was marketed as a potential site for a cold storage warehouse. The site has good access to the M4 and M7 motorways, key connectors for accessing parts of Sydney.
The current deal with Fabcot was exchanged in January and settled on the 2nd March. JVMC was also involved in the sale of a Prestons development site at the same time this year.
The Wetherill Park site is likely to be redeveloped into an e-commerce facility or a new distribution centre similar to its recent announcement of a new state-of the-art temperature controlled distribution centre in Heathwood.
The proposed 42,000 sqm Heathwood DC facility provides Woolworths with fresher, faster and more efficient deliveries of frozen and long-life chilled products to around 260 stores across Queensland and northern New South Wales. The $184m investment in the Heathwood DC is majority funded by LOGOS (property development costs of $148m), with Woolworths signing an initial 15 year lease on the site.
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