Lendlease’s APPF Industrial plans redevelopment after $47m Smithfield acquisition
- realestatetrendsin
- Sep 19, 2023
- 1 min read
Australian Prime Property Fund Industrial, a specialist investment vehicle backed by property giant Lendlease (ASX: LLC), has consolidated its position in Sydney’s central west through the $47.05 million acquisition of an industrial property at Smithfield.
The property, located at 15 Britton Street, is positioned adjacent to APPF Industrial’s existing holding at 28-54 Percival Road with the unlisted wholesale investment fund planning a major redevelopment of the property.
The Britton Street property, located within a core logistics area off the Cumberland Highway, has a site area of 3.2 hectares and currently houses a 12,979sqm warehouse and office which is tenanted on a short-term lease by snack food manufacturer Snack Brands.
APPF Industrial says it plans to unlock value in the combined holding with Percival Road by redeveloping both sites into a ‘best-in-class multi-level logistics facility using Lendlease’s development expertise’.
The proposed development’s design will draw on Lendlease’s ‘understanding of industrial warehousing requirements gained through active customer engagement’.
Development plans for the site include multiple access ramps, high clearance warehousing, on-grade and recessed docks for all levels and B-Double approved access and manoeuvrability.
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