This article is from the Australian Property Journal archive
GLOBAL industrial real estate investor, developer and operator Cabot Properties has confirmed its first Sydney acquisition, picking up one of Australia’s first institutional multi-storey logistics developments for $137.6 million.
The newly-completed 19,819 sqm 42-52 Raymond Avenue building in Matraville, in Sydney’s inner south-east, is a two-storey, ramp-up facility consisting of four units ranging in from 4,640 to 5,109 sqm. One is currently leased to an established local roofing material supplier.
The development was delivered by LaSalle Investment Management, together with Hale Capital as development partner and Vaughan Constructions as the appointed builder.
“The transaction is the firm’s first acquisition in Sydney and is aligned with its strategy to invest in infill industrial real estate in top global logistics markets,” said Sally Box, managing director of investments, Asia Pacific for Cabot Properties.
“As an established product type across Asia but an emerging one in the Australian landscape, multi-story warehouses are attractive for many reasons – but among the most important is the increased density, which maximizes land use to both enhance sustainability and increase storage capacity, ultimately supporting greater distribution capabilities.”
The multi-level industrial development sub-market is still in its infancy in Australia. Goodman Group and Lendlease are among other early adopters.
Cabot’s acquisition takes place in one of the most land-constrained, highly sought-after industrial submarkets in Sydney.
The facility is located within close proximity to the Sydney Airport and Port Botany, and the property’s location offers convenient access to the Eastern Distributor, Southern Cross Drive, M5 Motorway, and the new WestConnex M8 Motorway, which provide access to approximately 3.4 million residents within a 45-minute drive time.
Colliers agents Gavin Bishop, Sean Thomson, Michael Crombie, and Trent Gallagher managed the sale via an expressions of interest campaign.
The development was built to four-star Green Star standards, with sustainability features that include a 300-kilowatt solar PV system, energy monitoring systems, a rainwater recycling system, and an electric vehicle charging station.
Cabot’s Australian portfolio already comprises several assets in Melbourne, including a $130 million estate in the northern suburb of Campbellfield, and projects in the western industrial hub of Truganina and in the south-eastern suburbs.
