Cabot Properties secures lease on first Victorian industrial asset

US private equity real estate firm Cabot Properties has leased its first industrial development in Victoria.

Cabot acquired 680 Dohertys Road, Truganina, from Vaughan Constructions in 2020 in a multi-lot sale that included the neighbouring site at 8 Maker Place.

The 17,195sqm distribution centre was speculatively developed and leased a month before practical completion, with a large-scale corporate transport and logistics provider signing a long-term lease for a market rent of $80-$90/sqm.

CBRE’s Todd Grima, Tom Hayes and Harry Kalaitzis introduced the tenant to the facility.

“The facility worked perfectly from a timing and location perspective for the tenant, which is expanding its operations into this site,” Mr Grima said.

“We are thrilled to have been able to assist Cabot Properties with its first industrial lease transaction in Victoria. It was a pleasure working with both parties.”

Sally Box, Managing Director and Head of Asia-Pacific at Cabot Properties, said: “We are pleased with this successful outcome for our first speculative development in Australia.

“This is another example of Cabot delivering on its global strategy of developing Class A logistics facilities in Tier 1 markets around the world.”