Developers Trumen and Norman Property Partners have secured the site for their eighth Sydney industrial development in 24 months, signing a 99-year ground lease for 201 Parramatta Road.

The masterplan for Homebush Logistics Centre planned for the site will include corporate offices and high clearance warehousing with 13.7m internal clearances and will accommodate for users from 1,300sqm to 11,000sqm.

The project has a proposed completion date of Q2 2021.

At a glance: 

• Developers Trumen and Norman Property Partners have secured a 99-year ground lease for 201 Parramatta Park at a rental range between $40-$50 per square metre (net) for usable land.
• The lease was negotiated by CBRE’s Michael O’Neill, Shaun Timbrell and Jason Edge.
• A logistics centre is planned for the site, which will include corporate offices and high clearance warehousing with 13.7m internal clearances.

The lease was negotiated by CBRE’s Michael O’Neill, Shaun Timbrell and Jason Edge at a rental range between $40-$50 per square metre (net) for usable land.

A public Expressions of Interest campaign ran in late 2019 and attracted attention from both developers and owner-occupiers, before the deal was finalised on 26 March against the backdrop of COVID-19.

Homebush Logistics Centre is directly opposite Sydney Markets and has clear access to the M4 and Parramatta Road, which makes the site ideal for on-line and food-related users.

Mr O’Neill said that while investors typically had a stronger appetite for freehold sites, several groups recognised the enormous potential that the location’s connectivity offered end-users. 

Raj Chaudhary, NSW Associate Director of CBRE Industrial & Logistics, commented that several occupiers had experienced 100 per cent increase in online demand since mid-March. 

“The impact of the COVID-19 has been widespread, but Sydney’s Central West remains active on the back of the surge in online shopping and, more specifically, food-related demand,” he said.  

“Some of this activity has been driven by consumer ‘panic buying’, but we expect demand for online delivery to continue in the current environment and, if the consumer experience is positive, we expect it will only drive quicker adoption rates in the medium term.”

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