Buyers will get the Qantas distribution centre, which sits on 38,920 square metres and will be offered as a 10-year sale and leaseback; two development sites totaling 82,000 square metres, which could host a multi-storey site development and a business park development site of 16,000 square metres.
LOGOS head of Australia & New Zealand Darren Searle called the site at Mascot “a rare opportunity” to further develop a market-leading e-commerce, distribution and commercial hub between Sydney ports and the ultimate distribution destinations in Australia’s main gateway city.
“The site is a key freight gateway for the airport and offers unparalleled connectivity as a critical link to supply chains around the country,” Mr Searle said.
The acquisition follows the announcement in July of AustralianSuper’s acquisition of a 40 per cent interest, worth $774 million, in $1.67 billion Moorebank Logistics Park alongside LOGOS, and the 2019 acquisition of the Wiri Estate development in New Zealand which is also being managed by LOGOS.
AustralianSuper head of property Bevan Towning said the buyers’ consortium has a long-term redevelopment plan for the site that will transform it into a key logistics hub for customers seeking strategically located logistics facilities.
“This is a great opportunity for AustralianSuper to access an asset with significant growth potential over many years. Opportunities of this size and scale in such sought-after locations are rare,” Mr Towning said.
“As a large fund with a long-term focus, we are attracted to opportunities where we can deploy capital and use our investment expertise over several years to create large-scale projects that will contribute positively to member retirement balances.”
Agents to the deal, Neil Murray, Rebecca Ngan and Dwight Hillier of Colliers’ strategic advisory team and Colliers’ Michael Crombie, Gavin Bishop, Trent Gallagher, and Sean Thomson said the sale campaign generated significant domestic and offshore attention.
Gavin Bishop, Colliers head of industrial capital markets, Australia, said the local industrial and logistics market completed its best year on record in the year to June 2021, providing a total return of 23.2 per cent over the period.
“This performance surpassed the previous record setback in late 1988, where the total return measured 23.1 per cent. The sector continues to surpass expectations, and the performance spread over the retail and office sectors is at record highs,” Mr Bishop said.
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