Goodman Group and Altis Property Partners have submitted plans for the first double-storey, multi-unit warehouse and distribution building to be constructed in inner Sydney.
The proposed facility has a total building area of 16,079sq m and is slated for 202-212 Euston Road, Alexandria which has already been cleared in anticipation of development.
Within the overarching warehouse will be 10 smaller warehouses and 2,248sq m office space in each tenancy as well as truck, car and bicycle parking spaces.
The design by SBA Architects indicates there will be a huge drivable platform between the smaller warehouses and the site would operate all-hours.
The 1.68-hectare site is located in an industrial area next to Sydney Park and was sold by Australian Refined Alloys for $24 million in 2015 who purchased it four years earlier for $8.777 million.
Goodman Group’s financial results released on Thursday showed the group had increased its development pipeline 59 per cent to $6.5 billion in the past financial year.
Group chief executive Greg Goodman said they planned to take advantage of key trends which had emerged following the outbreak of Covid-19.
“The pandemic has reinforced the consumers’ need for convenience, and heightened use of technology–which have accelerated the adoption of e-commerce and increased the need for data storage,” Goodman said.
“We are continuing to increase the levels of development activity and will exceed $7 billion of work in progress in the first half of 2021 financial year.
“Customer demand in our markets is also translating into high occupancy, rental growth, higher assets under management and ultimately strong returns across our property investment and management businesses.”
Australia and New Zealand represents 26 per cent of Goodman’s development pipeline with Asia accounting for 51 per cent, America 11 per cent and the remaining 12 per cent in United Kingdom and continental Europe.