Enfield has the potential to attract industry

The construction of a $153 million intermodal logistics centre, or a so-called inland port, for the Sydney Ports Corporation, at Enfield, will provide a shot in the arm for the inner-west industrial market, attracting many import, export and transportation companies, as well as distributors, according to The Sydney Morning Herald. Over the past few years, the commercial segment of the Enfield property market has lagged behind areas further west, which has benefited from extensive new road infrastructure, particularly the M7.

First official bidder for Dairy Farmers

Thje first official confirmation of a bidder for the NSW co-operative milk processor, Dairy Farmers, based at Sydney Olympic Park, is National Foods. The ACCC has called for submissions from interested parties by May 12, with a decision by June 12. Dairy Farmers has described National Foods as "the first of a number of parties interested in acquiring or merging with the business." The Melbourne-based National Foods,which was acquired by Japanese brewer, Kirin, in December, for $2.6 billion, has a sales office in Silverwater and a factory and distribution centre in Penrith.

New development at Bankstown Airport

Works on the former trotting track, at Bankstown Airport, include earthworks, roadworks, service installation, drainage and site preparation in accordance with the Airport Master Plan. The project will generate three development sites. Further developments will be undertaken including a steel distribution facility. Bankstown Airport continues to be approached by new general aviation customers seeking hangars and business facilities, management said. Movements at the airport for 2007 passed the 350,000 mark.

Occupancy tight in business parks

Knight Frank’s research shows the four major business parks – Macquarie/North Ryde, Homebush/Rhodes, Norwest and Mascot – had a vacancy level of 8.3 per cent, down from 8.7 per cent last year. The strongest performer was Macquarie Park where the rate fell from just under 8 per cent to 6.1 per cent. Macquarie also had the highest gross rent at $370 per square metre. In total, 207,000 square metres was added to the four parks.

Gross face rents increase across the board

Gross face rents increased across prime and secondary office stock in the Parramatta CBD, in the 12 months to March 2008, according to Knight Frank research. Prime rents were up 2.9 per cent to an average of $390 per square metres and secondary rents increased to average $330 per square metre. Incentive levels remained static over the past year, continuing to average 15 per cent-20 per cent. The Parramatta office market comprises 648,122 sq m of office stock. According to the Property Council of Australia, Parramatta’s vacancy rate decreased from 8.8 per cent, in January 2007, to 7.4 per cent, in January 2008. Total vacancy now sits 150 basis points below the markets 15-year historical average.

Leading Indian IT firms opens in city

Wipro, India's third largest software-services provider, has opened a Global IT Service Centre, in the Parramatta CBD, with 30 people some of which have come from overseas; a few were hired locally. The staff number is expected to increase to 45 in a couple of months.The company has not disclosed its specific address in the CBD for security reasons. Wipro’s Australia and NZ head office is located in Sydney, with about 350 staff based in various locations in Australia and New Zealand,according to Manoj Nagpaul, Australian country manager. The opening of an office in Parramatta for another leading Indian IT firm, Polaris, has not eventuated.

Properties at risk by new law

A section of new planning laws flagged by the Minster for Planning, Frank Sartor, to acquire land by force to onsell to private developers involves two properties, in Darcy Street. required for Parramatta's proposed $1.4 billion Civic Place redevelopment. The Sydney Morning Herald says the minister wants to override a Land and Environment Court decision that council could no compulsory acquire these properties to allow the developer, Grocon, to proceed with the project. The paper notes that critics say the amendment allowing the minister to do this was buried on page 126 of the draft planning reform bill. The issue was cover by all four commercial TV stations in their news broadcasts.