Charter Hall Receives Approval To Develop a $300 Million Industrial and Logistics Estate in Eastern Creek
June 2, 2021 – Charter Hall’s wholesale industrial and logistics fund, CPIF, has acquired the leasehold interest in 35 hectares of master planned approved industrial land known as the Light Horse Business Hub in Eastern Creek, NSW.
This strategic parcel of land is being leased from the Western Sydney Parklands Trust (WSPT) via an open market tender process, with the transaction approved and executed by the NSW Minister for Planning and Public Spaces on the 19th of May, 2021.
CPIF has entered into a five-year Development Management Agreement with the Western Sydney Parklands Trust (WSPT) to develop the master-planned approved Light Horse Business Hub. Upon completion of each new facility, CPIF will enter a 90-year Ground Lease providing an annual annuity to the trust that will contribute to the cost of operating, maintaining and enhancing the Western Sydney Parklands for the benefit and enjoyment of the community in Western Sydney. Works are planned to commence on site later this year.
Charter Hall’s Managing Director and Group CEO, David Harrison, said “We are delighted to secure the leasehold interest in this strategic parcel of land from WSPT. This builds on our strong relationship with WSPT and is the third transaction we have undertaken with them, following the Horsley Drive Business Park and Bringelly Road Business Hub development projects which have secured long term lease commitments from major tenant customers such as Coles and Bunnings.”
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