News release

JLL National Market Wrap

Summary of our most recent transactions October 2020

October 20, 2020
Lease
71 Owen Street, Glendenning, New South Wales

A cold storage logistics company has leased 6,500 sqm of space in Glendenning, New South Wales.

JLL’s Directors of Industrial- (Western Sydney), Greg Pike, Murray Pettinger and Associate, Miguel Lee brokered the deal  for 71 Owen Street at a rate of $125 per sqm on behalf of Lendlease’s Australian Prime Property Fund Industrial.

Mr Lee said, “We have witnessed strong growth in the food related sectors off the back of the COVID-19 pandemic, with virtually zero temperature controlled space available in Western Sydney able to accommodate for food related occupiers.”

“We are noticing strong demand from growing businesses to fit-out existing facilities or re position spec developments under construction to quickly accommodate their specific requirements,” he said.

Mr Pike said, “Landlords recognise the value in securing food and cold storage related occupiers due to the long-term lease covenants that they offer and the defensive nature of the industry.”

Building A3, 57 – 75 Templar Road Erskine Park

ORAFOL Australia has leased 3,500sqm of space for five years in Erskine Park for their new Sydney head office and distribution facility.

JLL’s Western Sydney Industrial team- Greg Pike, Miguel Lee and Murray Pettinger brokered the deal for Building A3, 57 – 75 Templar Road Erskine Park at a rate of $130 per sqm on behalf of M&G Investments.

Mr Pike said, “JLL has recently leased more than 11,000sqm within the estate with rents growing to record rates which is a testament to the demand for quality logistics space in Western Sydney.

Building 3B 37 – 39 Stennett Road, Ingleburn

Modular Building Systems has leased a 11,217 sqm building at Building 3B 37 – 39 Stennett Road, Ingleburn.

JLL’s Western Sydney Industrial team- Greg Pike, Bella Cass and Stephen Chronopoulos negotiated the lease at a rate of $115 per sqm on behalf of Stockland.

Mr Pike said, there are increasing levels of occupier activity which has resulted in a strong rental outcome for the area.”

Ms Cass said, “The increased demand for prime stock has placed pressure on vacancy levels in the Outer South West.”

Mr Chronopoulos said, “As a result of this coupled with growing levels of occupier activity, we are seeing an uplift in rental rates.”

8 Focal Way, Bayswater, Western Australia

JLL on behalf of Built Ink Pty Ltd are pleased to have successfully negotiated the leasing transaction of 8 Focal Way, Bayswater WA. The architecturally designed industrial facility constructed in the Tonkin Highway Industrial Estate has been leased to a global food distribution and retailer on a long term 7 year + 5 year lease. Deal completed by Ross Palframan and Andrew Fife.

About JLL


JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.