Lendlease and Phoenix in new joint venture on industrial and logistics precinct in Sydney’s west

  • 14 Jun 2023
Lendlease and private equity real estate group Phoenix Property Investors have entered into an agreement to establish a new joint venture to develop a circa 30-hectare site into a prime industrial and logistics precinct at St Marys in Sydney’s west.

With an end development value of circa $185m, the proposed precinct at 75–103 Links Road is a strategic location for future industrial development that provides flexibility to develop large or small-scale logistics facilities to meet market demand. Its location will provide occupiers with excellent transport connectivity, servicing greater Sydney and key interstate transport routes.

The agreement will see Phoenix hold a majority interest in the joint venture, with Lendlease acting as development and investment manager.

There are strong investment opportunities in western Sydney for companies in manufacturing, transport and logistics industries, and the new precinct is expected to meet continued growth in the industrial sector given renewed focus on supply chain resilience. 
A masterplan for the precinct will be submitted for approval in 2023. 

Quotes attributable to Tom Mackellar, Managing Director Development, Lendlease   

“The establishment of a new joint venture with Phoenix supports our investments-led strategy and is another example of partnering with capital early to optimise the right development and investment opportunities.

“The proposed St Marys precinct will meet demand and growth in the industrial and logistics sector, and we look forward to working with our new partner Phoenix, along with government stakeholders to create a new masterplan and development agreement for staged development of this strategic site.”

Quotes attributable to Trent Winduss, Partner and Head of Australia, Phoenix Property Investors

“We are pleased to be investing into this significant industrial and logistics precinct alongside our joint venture partner, Lendlease. This project fits well within Phoenix’s opportunistic investment strategy in Australia which looks to acquire assets in markets where we see strong demand in the short-to-medium term with low levels of competing supply.

“We believe the St Marys industrial and logistics market aligns well with this investment thesis.” 


For more information: 
Tessie Vanderwert, General Manager External Affairs 
Mobile: +61 428 483 828