Norton Rose Fulbright (NRF) has helped Qube Holdings secure the first tenant of the massive Moorebank Logistics Park in New South Wales.
Target Australia has agreed to the development and leasing of a new warehouse and office facility, which is expected to be completed in early 2019, at the logistics park. Target has agreed to a 10-year lease of the facility.
The logistics park, which is roughly the size of the Sydney CBD, will be the largest intermodal precinct in the country. It will help decrease congestion at Sydney’s Port Botany, NRF said. NRF also helped Qube reach an agreement with Target on logistics services from Port Botany to the Moorebank Logistics Park for five years, with options.
Financial terms of the deal were not disclosed.
Work on the project began a year ago on the 241-hectare project, which is expected to process more than 1 million export-import containers and 500,000 domestic containers per year when fully operational. It will feature up to 850,000 square metres of warehousing when finished.
NRF special counsel Deanne Ogilvie led the negotiations for Qube. She was supported by partner Peter Trevaskis, NRF’s global head of real estate. They were assisted by the firm’s occupational health and safety, corporate, and banking and finance teams, which were led by partners Aaron Anderson, Keira Brennan, and Mitchell Mathas, respectively.
NRF has been involved in the Moorebank Logistics Park project for many years and is delighted to assist Qube to move to the delivery phase of the project, which is a significant milestone for the company, said Trevaskis.
“Norton Rose Fulbright, which has been assisting us on the Moorebank Logistics Park project from the outset, understands our commercial drivers and worked closely with us to help us secure Target Australia as our first major build-to-lease commitment. Its support in achieving this milestone has been invaluable,” said William Hara, director of Qube’s strategic assets division.
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