Property development company LOGOS has acquired an additional two hectares of land adjacent to its Prestons Logistics Estate in south west Sydney and is developing a new 14,800sqm facility for Toll Group on the site. The new facility takes Toll’s total gross lettable area (GLA) on the extended estate to 80,000sqm, with a weighted average lease term of 10 years.
LOGOS acquired the initial 25 hectare site in 2016 securing a pre-commitment from Toll for the development of two state-of-the-art logistics facilities with a total GLA of 65,000sqm. The facilities were completed in the first quarter of 2107. The additional land and new Toll facility allows LOGOS to further enhance Prestons Logistics Estate, which on completion will offer a total GLA of 141,000sqm and be valued at circa $300 million.
Global head of property at Toll Chris Noble said: “We currently have two successful facilities at Prestons and are pleased to have the opportunity to service another customer on this estate. LOGOS’ development capability, ongoing asset management and the Estate’s premier location meant this was perfect choice for Toll and our customer”.
Toll joins Volvo Group Australia at the Prestons Logistics Estate, with LOGOS to finalise details for the remaining 65,000sqm of land over the coming months.