Moorebank and logistics operations to gain from new business
Qube has marked its annual results day with a Target Australia deal that bolsters both the bottom line and strategic direction.
Qube reached agreement on a 10-year lease plus options with Target for a new warehouse at Moorebank, while Qube Logistics also reached agreement with the retailer on a new five-year contract plus options for rail freight from Port Botany to Moorebank.
“The transformational Moorebank project remains on track and will be further enhanced by today’s announcement that Target Australia will be a major tenant at Australia’s largest intermodal precinct,” Qube MD Maurice James says.
No value was put on the Target deals.
Qube will develop 37,860 square metres of warehouse and office facilities.
Due for completion in early 2019, the facilities will be among the first purpose built operations within Moorebank Logistics Park, designed to capitalise on the efficiencies of being co-located with the new freight rail terminal, Qube says.
Target Australia will invest in advanced scanning and sortation systems at the facility.
“Linking one of the nation’s busiest ports by rail to an inland facility with the sheer scale and location benefits of the Moorebank site is a game changer that will deliver huge long term benefits to consumers and businesses,” James says.