Property management company Ivanhoé Cambridge has announced plans to develop a $230 million logistics estate in the Melbourne suburb of Broadmeadows, with LOGOS Group to act as the manager and developer of the site.

Situated at 120 Northcorp Boulevard in Broadmeadows, the property offers easy access to Melbourne’s key transport network, including the Western Ring Road, Tullamarine Freeway and the Hume Highway interchange, as well as the Victorian Government’s planned North East Link. 

The former Woolworths distribution centre will be transformed to deliver more than 120,000 square metres of modern, high-quality logistics assets within the renamed LOGOS Broadmeadows Logistics Estate.

At a glance:

• Ivanhoé Cambridge and LOGOS have entered into an agreement to acquire a strategic development site north of Melbourne to develop a $230 million logistics centre.
• Situated at 120 Northcorp Boulevard in Broadmeadows, the completed LOGOS Broadmeadows Logistics Estate will deliver more than 120,000 square metres of modern, high-quality logistics assets.
• The deal for the site was negotiated by CBRE’s Chris O’Brien and Daniel Eramo.

Ivanhoé Cambridge’s Senior Vice President for Asia Pacific, George Agethen, said the transaction continued the company's strategy for logistics in the APAC region, which included its partnership with LOGOS.

"We remain focused on assembling a sizeable portfolio in Sydney and Melbourne, which has shown remarkable resilience through the COVID-19 pandemic," he said.

"We are confident that we will deliver an environmentally leading Estate that will meet the demands of our users for the long-term.”

LOGOS’ Head of Australia and New Zealand, Darren Searle, said the company had a number of existing customers who had been looking to expand into the north of Melbourne, an area which has long experienced limited supply of prime grade logistics assets, for some time.

“We look forward to bringing our global design and development expertise to develop this state-of-the-art property," he said.

"The Estate is targeted to achieve a 5 Star Green Star rating in line with our commitment to our customers and capital partners in delivering on our obligations towards creating a sustainable future."

The Estate, which is targeting to commence construction in early 2021, will be focused on supporting the core logistics sectors of e-commerce, distribution, food and cold storage.

Warehouses within the estate, ranging from 15,000 square metres to 50,000 square metres, are now available for lease.

The transaction was brokered by CBRE’s Chris O’Brien and Daniel Eramo with the site acquired by a LOGOS venture on behalf of Ivanhoé Cambridge.

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