Pharmaceutical group moves into Smithfield facility
An international pharmaceutical company has signed a seven-year lease to will move into a 16,516sqm facility in Smithfield owned by Charter Hall Prime Industrial Fund (CPIF).
The group has signed the lease for 15 Long Street, in a transaction secured by CBRE.
The property features two high-clearance warehouses with office space and full drive-around access, while the Cumberland Highway, M4 and M7 motorways are within reach.
“We are delighted to welcome our new customer to the $15.6bn Charter Hall Industrial and Logistics Portfolio and look forward to continuing to partner with them to grow our tenant customer relationship,” said Anna Maras, Regional Portfolio Manager for NSW at Charter Hall.
“This transaction completed on behalf of CPIF is demonstrative of the strength of the NSW industrial market and the quality of Smithfield Distribution Facility, delivering no downtime between tenants and superior returns for CPIF’s investors,” she said.
CBRE’s John Micallef, Moshe Greengarten, Cameron Grier, Elijah Shakir and Shaun Timbrell negotiated the tenancy.
“Having initially looked for a short-term lease to cater for growth plans, the lack of properties on the market prompted the tenant to sign a seven-year lease,” Micallef said.
“Three other businesses were showing interest in the property, however the successful tenant was ultimately the fastest to act, securing the site to accommodate their future growth,” he said.
He continued that the lease represents a strong rent for a building of this size in Smithfield, demonstrating the rental growth over the past 12 months.
“This has been driven by a shortage of industrial facilities in Western Sydney, and with COVID-related restrictions slowing construction, the supply issue will be further exaggerated over the next 12 months,” he concluded.