It will consist of 55,000 sq m of lettable area across three buildings, catering to tenancies from 4,000 sq m up to 45,000 sq m.
Since being founded in 1986 as an affiliate of US real estate company Cabot, Cabot & Forbes, Cabot Properties has invested in over $18 billion of industrial property.
It expanded into Australia in 2020, opening an office in Sydney, and joins a growing number of overseas real estate groups seeing opportunities for strong returns in Australia’s booming industrial property market.
“The acquisition complements our existing portfolio and directly aligns with our strategy to develop high quality, sustainable logistics assets in core infill locations,” said Jonathan Herb, Cabot’s director of investments in Australia.
“It is rare to be able to create an estate of this scale and quality in such a core infill location. 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.”
The sale of the Campbellfield site was brokered by CBRE’s Daniel Eramo and Joe Brzezek.
The site is situated about 18 km north of Melbourne CBD in the heart of the city’s northern industrial precinct where vacancy rates are expected to fall to just 0.5 per cent in the coming weeks, according to CBRE.
“Large-scale infill development sites within this 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.”