Dexus Property Group
(ASX:DXS) says it has received planning approval for a $420 million industrial estate at Greystanes, Western Sydney.
The company says the site covers 47 hectares and the new development will comprise around 240,000 square metres of warehouse and office space.
Head of Industrial at Dexus, Andrew Whiteside says this next stage of the development pipeline will be the most significant industrial offer in the next few years in the expanding Greystanes area and the Greater Western Sydney region.
Mr Whiteside says tenant demand has been strong and the company is in advanced negotiations with several key tenants for long-term lease commitments.
Construction of the first buildings is expected to be complete in 2010 and the entire development to finish in 2015.
Dexus did not post a profit for 2009.
