Property fund manager Primewest has completed a brand new distribution centre for transport operator Toll Group as part of its Industrial Income Trust launched last year.
Primewest has continued to wield influence through its Industrial Income Trust, completing a new distribution centre Queensland’s Sunshine Coast.
The 5530 square metre, state-of-the-art facility at Chevallum Industrial Park will be occupied by Toll Group after it signed a 12-year lease deal for the site.
Primewest’s Industrial Income Trust purchased the land and then entered into a forward funded development agreement with national developer Gibb Group to build the facility.
At a glance:
- Primewest has announced the completion of a distribution centre on the Sunshine Coast through its Industrial Income Trust.
- The Trust purchased the land and then entered into a forward funded development agreement with national developer Gibb Group to build the facility.
- The 5530 square metre, state-of-the-art facility at Chevallum Industrial Park will be occupied by Toll Group after it signed a 12-year lease deal for the site.
The site was one of two acquisitions made by the fund in mid-2019, after $30 million had been raised, with a South Australian asset industrial logistics facility leased to a quality national tenant also added to its portfolio.
Primewest Director David Schwartz said the trust was established to provide investors with exposure to the Australian industrial and logistics market at a time when there was strong demand from investors for high-quality industrial property investments.
“Primewest is increasingly confident in the future of all industrial and logistics markets nationally, as they were set to benefit from Australia’s growing exposure to on-line retailing and e-commerce,” he said.
“Entering into this development agreement with Toll and Gibb Group sent a clear message to the market that Primewest has extensive experience and capacity in identifying and delivering complex projects.
“Working closely with land owners, tenants and developers we can bring industrial, office and retail development projects to fruition in a timely and creative manner.”
Source: The Industrialist