ING & PacLib pay $52.5m. for former amusement park

ING Industrial Fund and the PacLib Group have paid $52.5 million for Sydney’s Wonderland amusement park in Eastern Creek.

The site was purchased from Sunway City Berhad for $52.5 million, with $10.0 million paid at exchange and the balance payable on settlement in January 2005.

The purchase follows Sunway City’s decision and announcement to close the 58 hectare amusement park because it is no longer commercially viable.

The vendor has entered into an agreement that allows for the removal of the rides from the park.

This agreement transfers with the sale of the property under an option to the purchaser of the rides. The vendor has also agreed to relocate the wildlife from the park over the next twelve months.

ING Industrial Fund chief executive Paul Toussaint said the Fund will seek to create an industrial business park on the site, directly employing over 3,000 people and creating 9,000 jobs in total.

“As one of Australia’s largest industrial trusts, IIF will seek to attract tenants to the property from across Australia by offering additional facilities to our existing major national tenants.

“Under our proposed plan, the industrial business park would directly and indirectly create employment for 9,000 people. It would be developed using best practice and environmentally sustainable development principles so that trees would be retained and the natural environment protected,” Toussaint said.

“The plan would be subject to the approval of the NSW Government and Blacktown Council. In considering options for the site, we will be guided by the NSW Government’s policy for the area surrounding Wonderland and Blacktown Council’s vision for the municipality.

“One of the major aims of the NSW Government’s policy for Western Sydney is to ‘promote economic development and the creation of employment by providing for the development of major warehousing, industrial, high technology, research or ancillary facilities with good access to the existing and proposed road network.’

“ING Real Estate already has a significant investment in Western Sydney. It is Australia’s fastest growing economic region and we are very committed to the area,” Mr Toussaint said. “We understand that many people are disappointed Wonderland is closing, but we feel very positive being part of a project that can deliver thousands of jobs to Western Sydney.”

Owned by over 20,000 Australians, the ING Industrial Fund is one of Australia’s largest listed industrial trusts, with total assets of $1.6 billion, and is included in the Standard & Poors Australian Stock Exchange 100 Index.

The Fund owns a portfolio of 58 quality industrial properties throughout New South Wales, Victoria, Queensland and South Australia, with over 170 tenants. In NSW, the properties include Macquarie Research Park, Microsoft Campus, Unisys Campus with tenants such as Coles Myer, Woolworths and Corporate Express.

PacLib is one of Sydney’s leading industrial construction companies. It has created facilities for prominent Australian and multinational companies including: Sony Music, Fauldings, Freedom Furniture, and the Dana Corporation.