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Belgian-owned logistics and transport group FDM Warehousing, has signed on with Frasers Property’s Eastern Creek Business Park in Sydney's west, moving their business into a new $31 million purpose built warehouse.
The warehouse is reportedly under construction and when finished will provide FDM with a 16,200sq m distribution facility together with an office and car parking for 145 cars.
The operational move by FDM was to cater to future business growth, allowing the company to operate 24 hours a day, seven days a week, inevitably overtaking the current 10,000 cartons-a-day capability.
Related reading: Speculative Industrial Development Gathers Pace in Western Sydney
The deal FDM made was a five-year term on a net rental rate of $118 per square metre, and will see them relocate from a previous warehouse which is also located Eastern Creek Business Park making it FDM’s second transaction with Frasers Property.
Once construction on the new facility is complete FDM will look to move in sometime in February 2019.
Relate reading: Frasers Acquires Infill Land Site for Masterplan
JLL NSW head of industrial Michael Wall said that average land values in Sydney rose by 37 per cent over 2017 due to positive tenant activity, the rise in demand-led construction and a reduction in land.
“Positive leasing activity and a reduction in stock availability has provided an environment for above-trend rental growth,” he said.
In 2017, industrial rents across the Sydney market grew by the strongest annual growth rate in 12 years.”
FDM will move into its new premises in early 2019.
