Cabot Properties has picked up a 9.31 hectare industrial site in Melbourne’s north Campbellfield.
The $41 million deal for 131-149 Somerton Road, was with Milemaker Petroleum founder, developer and investor, Nick Andrianakos, who purchased it from the ANZ Bank for $1.45m in 1993.
The US-based owner is set to replace the largely vacant tract with a c$130m business park containing c55,000 square metres across three buildings.
Tenancies will be configured from 3000 sqm.
“The acquisition complements our existing portfolio and directly aligns with our strategy to develop high quality, sustainable logistics assets in core infill locations” Cabot director of Investments, Jonathan Herb, said.
“It is rare to be able to create an estate of this scale and quality in such a core infill location,” he added.
“Our recent experience in similar markets demonstrates there is a lack of high-quality options for tenants in these locations with all our developments leasing well ahead of practical completion,” according to the executive.
All Cabot’s Australian industrial assets are in Melbourne, including in the south east and two at Tarneit’s Wyndham Industrial Estate (story continues below).
“Large scale infill development sites within Melbourne’s core northern industrial precinct are extremely rare,” Mr Eramo said.
“With this purchase, Cabot is poised to capitalise on the rising occupier demand in the market and capture future rental growth through the development of its new warehouses,” he added.
The deal comes a month since we reported Mr Andrianakos, a former Pratt family forklift driver, picked up a half-stake in Adelaide’s Colonnades Shopping Centre – the country’s fourth biggest mall by land area – for $135m.
In early 2020 the 77 year old outlaid $85.2m for a modern campus style office in Brisbane’s inner-city Milton.
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