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Frasers Property Australia to buy industrial site in Sydney

FRASERS Property Australia on Thursday said it would buy a 15.19 hectare site in the industrial area of Chullora, Sydney, and build up the space with an estimated final value of A$55 million (S$57.3 million).

The Chullora site comprises a six hectare parcel of land fronting Muir Road which is available for immediate development, and an investment component on the adjoining 9.19 hectare parcel that will be subject to a 20-year triple net lease to SUEZ Recycling & Recovery Pty Ltd.

"The acquisition will further boost the company's capacity to service the growing needs of major Australian and international groups in the Sydney market. The site is expected to attract strong interest from online retail groups and organisations who need to be located closer to their customer base and Sydney's metropolitan areas," said Ian Barter, general manager for the Northern region for Frasers Property Australia.