Stockland, John Boyd Properties enter $3.5b logistics precinct JV
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The news: Property developers Stockland and John Boyd Properties have entered an equal joint venture to redevelop Kogarah Golf Club into a logistics precinct near Sydney Airport after the area was rezoned by the NSW state government.
The numbers: The multi-storey logistics hub is estimated to have an end value of $3.5 billion and up to 340,000 square metres of floor for aviation-linked logistics, high-value freight like medical, technology and perishable goods, and last mile distribution.
Work on the precinct, subject to planning and internal approval, is expected to commence in 2027, generating 4,500 direct and indirect jobs.
The context: The project will also support construction of Pemulwuy Park, a 14-hectare public park delivered by Bayside Council and a transport corridor along the Cooks River.
The sole underwriter of the project is Commonwealth Bank.
What they said: “The project will demonstrate how multi-storey logistics facilities can generate significant economic outcomes by better servicing freight infrastructure, major road networks and transport links, in turn attracting domestic and global freight and supply chain operators to the precinct,” Stockland managing director and chief executive Tarun Gupta said.
The source: Stockland media release
