This article is from the Australian Property Journal archive
CABOT Properties has signed its first industrial development tenant in Victoria at its 680 Dohertys Road facility in Truganina in Melbourne’s west.
The US private equity real estate firm acquired the site, which sits approximately 22km out from the Melbourne CBD, from Vaughan Constructions last year, in a multi-lot sale.
“We are pleased with this successful outcome for our first speculative development in Australia,” said Sally Box, managing director and head of Asia Pacific at Cabot Properties.
Todd Grima, Tom Hayes and Harry Kalaitzis from CBRE introduced the new tenant, a large-scale corporate transport and logistics provider, to the Cabot Properties facility.
“The facility worked perfectly from a timing and location perspective for the tenant, which is expanding its operations into this site,” said Grima.
The new tenant signed a long-term lease at the 17,195sqm distribution centre a month ahead of practical completion, at a market rent of $80-$90/sqm.
“We are thrilled to have been able to assist Cabot Properties with its first industrial lease transaction in Victoria. It was a pleasure working with both parties.”
Upon acquiring the site, plans were announced for two speculative buildings of 17,000 and 6,000sqm. to be built on the last 4.7-hectares of land at Wyndham Industrial Estate in Truganina, with a total end value of circa $32 million
“This is another example of Cabot delivering on its global strategy of developing Class A logistics facilities in Tier 1 markets around the world,” concluded Box.
While also in the suburb, CBRE negotiated two seven-year leases for new adjoining industrial facilities with construction and industrial equipment specialists, AJL Heavy Equipment and Case Victoria.