Logistics - GPT Expands In Melbourne
The GPT Group has announced it had acquired two prime logistics assets closely located to the Western Ring Road and have easy access to the Port of Melbourne and CBD.
These include a 10,700 square metre warehouse facility on Mount Derrimut Road and a nearby 11,000 square metre facility on Boundary Road Truganina. Both are fully leased. GPT acquired the Sunshine Business Estate in Western Melbourne in early 2018, giving the facilities a combined weighted average lease expiry (WALE) of 7.7 years.
"These acquisitions have increased GPT's exposure to a part of Melbourne which has seen very strong levels of tenant demand and is expected to significantly benefit from major road infrastructure investment," said GPT's Head of Office & Logistics Matthew Faddy. "We expect strong demand for quality logistics facilities in Western Melbourne to continue with strong population growth and gentrification of traditional industrial precincts such as Port Melbourne and Fishermans Bend."
The expansion comes along GPT's other news that it had fully leased its newly completed 30,100 square metre warehouse facility at 50 Old Wallgrove Road, Eastern Creek in Sydney.