BlackRock, NashCap JV outlay $120m for Sydney industrial park

The Kirby Industrial Park (shaded, blue) has sold for $120 million.

Urban Logistics Co, a joint venture between BlackRock Real Estate Assets and NashCap, has paid $120 million for the Kirby Industrial Park at Rockdale, near Sydney Airport.

The 4.1 hectare property at 443 West Botany Street was offloaded by the founders of manufacturing business James N Kirby, which once occupied.

It includes nine office/warehouses, some modern, most with full drive around truck access.

Several components, including a 6700 sqm space, are vacant.

Colliers’ Trent Gallagher, Michael Crombie and Sean Thomson declined to comment about the off-market deal.

The same vendors recently sold an adjoining 1043 square metre parcel also once associated with the business, 429 West Botany St (marked red in image, above right), to the state government for its M6 Motorway operations centre.

String of Rockdale deals

Established in 2020 by NashCap, Urban Logistics Co has a mandate to hold more than $1 billion of Sydney and Melbourne industrial product.

It has made substantial inroads, controlling close to 20 assets worth a total of nearly $350m (story continues below).

A development pipeline should deliver property valued at another c$150m.

The managers target infill suburbs, ideally around 10 kilometres from the CBD.

Urban Logistics Co’s latest site neighbours a bulky goods investment on 7206 sqm, 395 West Botany St, which Australian Unity sold in late 2018 for $22m – or 20 per cent over book value – to a local family.

Next door to that – 383-387 West Botany St – is a Bunnings outlet which EG purchased 15 months ago for $48.75m as an investment with development upside (the hardware chain is on a lease expiring next year).

Also in this pocket is the Rockdale Plaza shopping centre, which traded in 2019 to Charter Hall for $142m.

Rockdale is about four kilometres south of Sydney Airport around which late last year LOGOS and the Abu Dhabi Investment Authority, in a partnership known as the LOGOS Australia Logistics Venture, paid Qantas $802m for a collection of warehouses and development sites.

The same three Colliers agents, along with colleague Gavin Bishop, also brokered that deal.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of