Stockland switch to Industrial at Gregory Hills
Stockland today announced it has acquired a new 13.09 hectare parcel of land at Gregory Hills in south west Sydney for $47.13 million, as it continues to grow its workplace and logistics portfolio to greater than 25 percent of total assets. Located on the border of the well-known Smeaton Grange industrial precinct and Gregory Hills bulky goods retail precinct, the site provides good connectivity with close proximity to M5 and M7 Motorways, part having exposure to Camden Valley Way, and benefits from growing infrastructure just 24 kilometres from the Western Sydney Airport site.
Stocklands' "miss" on the industrial sector will take some time to get right. Currently logistics accounts for 16 per cent of Stockland’s asset base, or about $3.3 billion, compared with its $23 billion residential communities business and a retail property portfolio worth $7.2 billion. Stockland will continue to offload retail and residential assets as it attempts to re-weight its portfolio.