25 September 2003

Integrated property services group, St Hilliers has acquired an industrial property in Banksmeadow within close proximity to the Port of Botany.

The 12,760 square metre property is located at 3 Exell Street, Banksmeadow (corner of Exell and McPherson Streets) and features an existing warehouse, office and a large hardstand area.

St Hilliers Group Managing Director, Tim Casey said there was a shortage of industrial land in South Sydney, which historically has been the industrial heartland of Sydney.

"Suburbs such as Alexandria and Waterloo have been re-zoned for residential development and land prices have more than trebled forcing industrial development to move further south to Botany," he said.

"Botany will remain an industrial area because of its close proximity to the ports, both air and sea. Our property, with its two street frontages also provides good access to the M5 Motorway, Eastern Distributor and will be particularly attractive to businesses that utilise container transport."

Mr Casey added that St Hilliers is investigating a number of options to increase the value of the site. Options that are being considered include subdivision, refurbishment of the warehouse for sale and the building of strata industrial units.

St Hilliers will add the property to its growing portfolio of future development stock. Recently acquired properties include commercial buildings in Melbourne and Canberra and an industrial site at Taren Point in Sydney.

"We are actively seeking properties that exhibit current and future development potential in Sydney, Melbourne and Canberra.

The property deal was negotiated through Colliers International agents, Gavin Bishop and Trent Iliffe.