Tuesday, 03 July 2012
The development has been pre-sold to Goodman Australia Development Fund (GADF) and represents the first project to be undertaken at Glasscocks, launching the 50.2ha industrial estate. Glasscocks will be developed through a combination of pre-lease facilities purpose-built for Goodman’s customers and land subdivision, with lots now available for sale.
Goodman’s General Manager, Australia, Jason Little said: “We are very pleased to welcome ITW Proline as our foundation customer at Glasscocks. It further builds on our strong existing relationship with the company which has been a customer at our Holroyd Distribution Centre in NSW since 2008.”
The new development for ITW Proline, a leading supplier of fasteners and hardware for retail customers, will accommodate the warehouse and distribution operations for the Melbourne and greater Victoria region. The purpose-built facility will include a 20,000 sqm warehouse and 1,505 sqm of associated office space on a 3.3 ha site. The project is currently scheduled to be completed in the first quarter of 2013, with an expected completion value of approximately $20 million. ITW Proline have pre-committed to an initial 10 year lease term.
ITW Proline is relocating its operations from an existing facility in Hallam and consolidating a number of other sites, including a Goodman site at which ITW Proline had a further two years remaining on their lease. Goodman provided ITW Proline with a flexible solution that enabled them to satisfy their long-term business objectives.
Brian Angwin, National Operations Manager of ITW Proline, said, “Over the last 18 months, Goodman has guided us through the complexities involved with the project specification and lease negotiation. Goodman’s professional approach has been invaluable, enabling ITW Proline to gain a competitive and optimal warehouse solution.”
Goodman’s General Manager, Victoria, SA and WA, Travis Hardman added, “This new development is a further example of Goodman’s commitment to working closely with our customers to deliver flexible, high quality industrial property solutions. The development increases Goodman’s current business and industrial space commitments to 56,235 sqm in Victoria with an expected completion value in excess of $110 million.”
In addition to the ITW Proline development, stage one of the estate will also include the subdivision of four lots ranging between approximately 4,400 sqm and 6,000 sqm, which are currently available for sale.