Stockland started construction on Coopers Paddock Logistics Park, an A$80 million office and warehouse estate in Warwick Farm, southwest Sydney.
The 52,000-square-meter development project will be housed in an 11.5-hectare industrial site, which the company acquired in 2014 from the Australian Turf Club. The project forms part of the company's $400 million logistics and business parks development pipeline.
The company appointed Taylor Constructions to build the new logistics center, which is expected to complete by early 2018. In a news release, the company said site preparation works are already underway.
As part of development plans, Governor Macquarie Drive will be upgraded, while a recreation and environmental conversation area will be created on adjoining land, including walking and cycling paths.
Two new warehouse facilities at Oakleigh in Victoria have also been recently redeveloped, while another 29,000 square-meter development in Ingleburn, New South Wales, has been completed and is now fully leased, the company said. Stockland plans to add two new buildings at the Ingleburn development that will deliver a further 36,500 square meters of warehouse space.
As of June 5, US$1 was equivalent to A$1.34.