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Media Release - January 27 2010

Toll to build $20m HQ in the right Vicinity

Publication: The Advertiser TRANSPORT company Toll NQX will invest $20 million in a new South Australian headquarters in the biggest industrial property deal in Adelaide in a year.

The 20,000sq m purpose-built warehouse, proposed for Walker Corporation's Vicinity Industrial Base near Edinburgh, is the second major ``design and construct'' deal for the $400 million estate.

The building, designed by Walker Corporation's architects, is expected to be completed by June.

Walker Corporation executive director Lang Walker said yesterday the renewed focus on infrastructure in Adelaide's outer north was driving investment in the area.

``I think one of the key things was seeing the progress of the Northern Expressway in the latter part of last year. When people started seeing that it was getting closer to completion it sparked quite a bit more interest there,'' Mr Walker said.

He said signs were emerging that a recovery was now under way in the property sector after a tough 2009.

``In the industrial space the market does seem to be picking up,'' he said. ``Towards the end of last year there was a bit more inquiry (for Vicinity). We have still got to work hard on it but we are really starting to make progress.''

Mr Walker said the company was looking at incorporating some retail - possibly hardware or bulky goods - on the Heaslip Rd side of the site.

He said Walker Corporation was also looking at other investment opportunities in the SA market, based on his confidence in the state's future growth prospects.

``We have a 15-year view as to where we see South Australia and I think with the build-up in defence and mining activities, it is going to be very, very good for South Australia in the next 10 to 15 years,'' he said.

The Toll deal was negotiated by CB Richard Ellis industrial agents Mark Boylan and Craig Klemich.

``It is certainly the largest leasing deal in the Adelaide market in the last 12 months. It is a very significant deal,'' Mr Boylan said.

``The area had fantastic momentum 18 months ago and it is now really starting to take shape.''

The $400 million Vicinity project is being developed as part of Walker Corporation's $3 billion portfolio of development in the state, which includes the $2 billion Buckland Park township and the Bluestone residential estate in Mount Barker.

Headline: Toll to build $20m HQ in the right Vicinity
Author: BUSINESS REPORTER SARAH MARTIN
Edition: 1 - State
Section: Finance
Publisher: News Ltd
Publication: The Advertiser, Page 46 (Thu 28 Jan 2010)
Keywords: property (2),Walker (6),Corporation (5),Lang (1),development (1)
Edition: 1 - State
Section: Finance

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