Logos property has entered an off-market deal for an under-development logistics site from developer Time and Place and backer MaxCap.
Time and Place originally obtained the site in July 2019 as a seed asset for the MaxCap Industrial Opportunity Fund.
This latest deal will see the property exit the fund however Time and Place will continue to work on the project which is due for completion in mid-2021.
The estate at 415 Cooper Street, Epping will have three logistics facilities with a total gross leasable area of 46,240sq m which is expected to have an estimated value around $70 million on completion.
Logos has been busy this month after purchasing two pharmaceutical distribution centres for $172 million with the NSW government's financial management arm TCorp.
Logos head Darren Searl said they have 46 assets and developments across New South Wales, Victoria, Western Australia, Queensland and Auckland.
“We have been looking to expand our portfolio into the north of Melbourne for a number of years to support the strong demand from our customers for high quality assets in this area,” Searl said.
“This new estate provides Logos and our customers with access to three quality logistics and intermodal facilities, ranging 5,815sq m to 19,730sq m, in this key market.”
Time and Place director Chris O’Keefe said the property offers excellent access to Melbourne’ key transport network including the Western Ring Road, Craigieburn Bypass and the Hume Highway interchange, as well as the Victorian Government’s planned North East Link.
“With the continued growth of ecommerce, which has been strengthened over the past few months as a result of the lockdowns, we expect to see strong demand for small to mid-size modern logistics warehousing space as retailers look to service their customers online,” O’Keefe said.
“The three new facilities in Epping offer great connectivity to transport and key road infrastructure and are well suited to service this demand.”
Logos’ new estate will sit alongside major occupiers in the north of Melbourne including Mainfreight, Mazda, Bluestar Logistics, Toll, Woolworths, Bevchain and Visy.