Cabot swoops on multi-level warehouse

The Matraville warehouse will contain 19,757 square metres.

Boston based investment manager and developer Cabot Properties is purchasing one of Australia’s first multi-level warehouses, under construction in Sydney’s Matraville.

Construction of the Reymond Avenue building started in March.

The 19,757 square metre asset on 1.94 hectares at 42-52 Raymond Avenue, is believed to be trading for about $150 million – the as complete value – which would reflect a 4.46 per cent fully let net yield.

LOGOS and the Abu Dhabi Investment Authority are planning multi-level warehouses on ex-Qantas sites.

LaSalle Asset Management and Hale Capital Partners are the vendors; the pair appointed Vaughan Constructions to develop it in March – when it was also offered for public sale.

Designed with four c5000 sqm tenancies, with the ground floor having a 13.5 metre clearance, the building will feature ramp access to level one, one-way vehicle circulation for trucks and cars, heavy duty floor slabs and undercover loading.

It will include high-end offices too.

Completion is scheduled in December.

Skyline of warehouses coming

Colliers agents Gavin Bishop, Michael Crombie, Sean Thomson and Trent Gallagher represented LaSalle and Hale.

The same agents are also marketing 42-52 Raymond Ave for lease; the fully let annual net income is about $6.683m.

Raymond St is about 500 metres from Port Botany, five kilometres from Sydney Airport and 10 km from the CBD (story continues below).

The Matraville property, about 10 kilometres from Sydney.

Also near the Eastern Distributor, Southern Cross Drive, M5 and M7, the area is marketed as a premier last mile logistics hub.

In late 2021, Qantas sold a collection of assets in nearby Mascot to LOGOS and the Abu Dhabi Investment Authority for $802m, or c$200m over expectation – coincidentally via the same four Colliers agents.

All up covering 13.8ha, many of the parcels are also earmarked for multi-level industrial product.

Cabot invests again in Australia

The Matraville deal comes a year since Cabot acquired a 9.3ha industrial development site in Melbourne’s Campbellfield from petrol tsar Nick Andrianakos, for $41m.

At 131-149 Somerton Rd, that block is earmarked for a c$130m business park with 55,000 sqm in three warehouses.

The group’s other Australian assets are also in Melbourne, including a warehouse in the south east, and two investments at the Wyndham Industrial Estate, at Tarneit, in the west.

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Marc Pallisco

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