Growthpoint Properties Australia announced that it has entered into contracts with Woolworths Limited to fund the expansion of its South Australian head office and primary Distribution Centre servicing South Australia and the Northern Territory at 599 Main North Road, Gepps Cross, SA, for approximately $57 million. The expansion, which is expected to achieve practical completion by mid-CY20, will include an extension of the existing temperature controlled and ambient warehouses, construction of a new recycling facility and other ancillary improvements. Growthpoint is funding the development and will receive a coupon for the project costs as they are incurred at a yield of 6.75%. On completion, the total project cost will be rentalised via a new 15-year lease over the property, which will comprise ~90,000 square metres of lettable area. Woolworths' development arm, FABCOT Pty Ltd, will act as development manager throughout the project.