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Charter Hall Prime Industrial Fund (CPIF) has secured a 46,000sqm pre-lease to Uniqlo Australia on a 10-year term commencing in early 2021, within the 60 hectares Midwest Logistics Hub in Truganina, Melbourne.
Mr Andrew Simons, Charter Hall’s Head of Development, Industrial & Logistics, said “This pre-lease to Uniqlo further reinforces the changing nature of retail supply chains with the commitment of Fastline Retailing (the owner of Uniqlo), a global leader in the retail industry, to establish their own facility to manage both their existing national store network and their expanding ecommerce business. The facility will consolidate their operations into one purpose-built facility featuring cross dock operations with a super awning, 14.6 metre warehouse clearance height and container rated hardstand.”
Mr Richard Mason, CPIF Fund Manager, said “CPIF is extremely pleased with the early leasing success of the Midwest Logistics Hub, with over 50 per cent of the estate now committed, reflecting that the estate is the preferred location for national distribution centres due to its proximity to the port and customers and the area’s large investment in road infrastructure.”
Uniqlo partnered with specialist supply chain and property firm TM Insight to develop the business case, run the property procurement process and project manage the construction.
Development of Midwest Logistics Hub commenced in October 2019, with the first pre-lease to Toll Group for a temperature controlled 44,000sqm facility. The state-of-the-art facility will service their fulfilment contract with Mars Wrigley Australia, acting as a distribution centre for storage and dispatch to customers. The technologically advanced warehouse will store all of Mars Wrigley’s products under one roof for the first time in the company’s history, with the capacity to store up to 49,000 pallets or more than 700 million MARS® Bars and use Automated Guide Vehicles to move pallets around the warehouse.
All civil and infrastructure works will be completed in June 2020 and the construction of the Toll facility is on track to complete in September 2020. On completion, Midwest Logistics Hub will be a prime logistics estate in a core Melbourne location valued in excess of $500 million.
Each facility at Midwest is targeting a 4 -star Green Star Design and As-Built rating and will incorporate various sustainability initiatives including 100-300kw solar PV systems, LED warehouse lighting and rainwater harvesting.
Mr Richard Stacker, Industrial & Logistics CEO, said “Our ability to deliver high specification, modern logistics space in strategic locations across the Eastern Seaboard continues to attract quality tenant covenants for our real estate funds and their investors. Charter Hall’s Industrial & Logistics development pipeline now exceeds $2 billion, providing the scale and flexibility to satisfy the growth aspirations of our existing and prospective tenant customers, while also delivering high quality real estate and investment outperformance to our investors”.
CPIF now comprises 65 properties, with a weighted average lease expiry of 10.7 years, 98.2 per cent occupancy and resilient tenant covenants with 95 per cent leased to government, publicly listed or nationally/globally recognised tenants.