Owners of a significant holding of land adjacent the St Georges River in Moorebank, Joyce Corporation, is expecting high demand for land in the area as transport companies relocate to the area to realise significant transport cost savings.
The intermodal project may also present other opportunities for rezoning and reclassification in the area says Dan Smetana, Chairman of Joyce Corporation.
“We don’t have long-term goals to own and hold industrial property and we may look to put our holding on the market in the future,” he adds.
Joyce Corporation owns a 41,000 sqm prime land and building holding in the area that is currently leased to Joyce Foam. The property is currently leased under arrangements associated with the sale of the Joyce Foam business and will return to market rents in November 2015.
Local property expert Matthew McHardy, Director of Commercial Property Group in the Southwest, also expects the market to firm up in and around Moorebank over the next few years.
The Moorebank Intermodal Development is expected to have a significant impact on capital values and rents in the area says Gavin Bishop, National Industrial Director of Colliers International.
"The yields on both primary and secondary land is firming suggesting movements in price, when the project gets kicked off we are sure to see major interest from transport companies aiming to snare prime locations nearby,” Mr Bishop says.
Joyce Corporation Ltd is an Australian owned and operated company, publicly listed on the Australian stock exchange, with its Head Office in Perth, Western Australia. Joyce is a well established brand in the Australian marketplace, with 125 years in business. Previously Joyce's business activities included the core function of foam manufacturing and its shareholding in Bedshed. Joyce Corporation Ltd has undergone significant change over recent years including the sale of the Joyce Foam Products business on the 30th November 2005 and the acquisition of 100% of Bedshed Franchising in April 2006, having previously held a 49% shareholding. In addition to the sole ownership of Bedshed Franchising and given its vestige in manufacturing, Joyce owns a substantial commercial property in Moorebank New South Wales. This property is currently leased under arrangements associated with the sale of the Joyce Foam business, it will return to market rents in November 2015.