Skip to main content Skip to footer

NSW brand-new cold store facility sold for $100 million

A brand-new, cold store logistics asset in New South Wales has sold for $100 million to Dexus Australian Logistics Trust.

With a long WALE of 13.5 years, leased to secure tenants Real Dairy Australia and Tomkin, the state-of-the-art logistics property sets a benchmark for cold store assets in Australia. Part of the property is currently under construction for Real Dairy Australia and will reach practical completion in February 2021. 

Gavin Bishop and Sean Thomson of Colliers sold the 19,246 sqm facility at 37-39 Wentworth Street, Greenacre, Western Sydney. The property is located within Greenacre, a core infill logistics location with good access to Roberts Road, M4 and M5 Motorways. 

Gavin Bishop, Head of Industrial Capital Markets at Colliers said, “This sale emphasises the ‘flight to quality’ thematic that we are witnessing throughout the COVID-19 pandemic, along with the defensiveness and resilience of the Australian industrial capital markets.”

“Given the current environment, the focus from all investors is high quality, well located, income-producing assets with strong covenants; reflected within this sale.”

Sean Thomson, Associate Director, Industrial Capital Markets Australia at Colliers said, “We have seen an almost 50% reduction in transactions across the first half of 2020 in comparison to the same time last year. Given approximately 63% of the product to trade this year representing A grade stock, we have seen genuine value preservation across the Australian industrial market with A grade stock transacting at the same level as pre the COVID-19 pandemic.”

Last year we saw corporates make up almost 24% by volume of the of the industrial vendor type, or approximately $1.4 billion of the $5.7 billion. 

According to Colliers Research, the cold storage logistics market has evolved rapidly over the past decade, transforming from one of traditional storage to a sophisticated and technology focussed operation. 

Cold storage warehouses now provide a range of services including order picking, automated warehousing, inventory control and a wider range of temperatures in order to meet increasing client requirements. 

The Australian cold storage sector is currently valued at $5 billion and is dominated by several specialised operators while a number of transport companies have been established to cater for refrigerated transport, and as a result, this has led to a number of users either building or refurbishing and leasing existing cold storage facilities. 

Related Experts

Gavin Bishop

Managing Director | Industrial


Gavin is the Managing Director of Industrial & Head of Industrial Capital Markets Australia at Colliers, where he has been specialising in industrial property for 21+ years. Based in the Sydney CBD Head Office, Gavin manages a highly successful team of over 120 staff across every state & territory nationally in key industrial and logistics precincts.

Gavin specialises in the national industrial capital markets and has excellent relationships across a broad spectrum of institutional, international and private investors. Over Gavin’s time with Colliers, he has completed hundreds of deals in industrial property, settling over $14 billion in his career to date, and leasing over 400,000sqm. Gavin enjoys a 75% market share of industrial capital markets share in NSW.

Gavin has worked extensively in the sale of industrial portfolios of up to 30 assets in one portfolio. Gavin and his team have sold 24/34 of all industrial portfolios in Australia over the last five years, including the AMP Portfolio ($105m), J.P. Morgan Portfolio ($250m), Altis Portfolio ($342.5m), Qantas Portfolio ($802m) and GIC/Australand Portfolio ($1.073b).

Some major distribution centre sales that Gavin and his team have been involved in over the last two years include, the Calibre, Eastern Creek ($130.1 million), 1 Eucalyptus Place, Eastern Creek ($90.5 million), 3 Roberts Road, Eastern Creek ($253 millions) and 6-20 Clunies Ross Street, Greystanes ($76.6 million)

Gavin has focused on building deep relationships with his clients, providing the latest in-depth information about logistics markets across Australia, which in line with his extensive track record, has seen Gavin achieve record-breaking results for his clients.

Gavin is a long-standing member of the Colliers team, having joined in 2000 as a graduate valuer. Gavin commenced with Colliers as part of their Scholarship Program and he was fortunate to work across multiple service lines and locations across Sydney, before settling in the Industrial team in Sydney South in 2001. Over the last 20 years, Gavin has progressed through the industrial business including managing the Sydney South and Sydney South West offices, before moving into the NSW State Product Director for Industrial in 2010.

View expert

Sean Thomson

Director, Industrial Capital Markets | Industrial


Sean Thomson works for Colliers International as Director of Industrial Capital Markets, Australia, where he specialises in the sale of industrial & logistics assets nationally.

Sean works alongside Gavin Bishop (Head of Industrial Capital Markets, Australia) on a day-to-day basis and holds excellent relationships across a broad spectrum of corporate, private, institutional and international investors.

Having been involved in excess of $14.0 billion of strategic valuation advice, his experience and understanding of the levers which can best maximise value together with the capital markets team’s track record, is integral in achieving the strongest possible result for his clients.

Sean has been involved in many large-scale portfolio divestments including:

  • Qantas Portfolio ($802 million)

  • The Super Core Logistics Portfolio ($186 million)

  • The Greenlit Brands Portfolio ($171 million)

  • Calibre, Eastern Creek ($130 million)

  • The Kaufland Portfolio ($129 million)

  • The AMP Portfolio ($105 million)

Sean holds an unmatched track record in divesting major distribution centres including:

  • The Fairfield Distribtuion Centre ($200 million)

  • Toyota South Sydney ($171 million)

  • 884 Mamre Road, Kemps CReek ($125 million)

  • 59 Lockwood Road, Eastern Creek ($107 million)

  • 37-39 Wentworth Street, Greenacre ($100 million)

  • 1 Eucalyptus Place, Eastern Creek ($91 million)

  • 342 Hammond Road, Dandenong South ($87 million)

Sean has focused on building deep relationships with key global institutional clients, providing the latest in-depth information about the logistics market across Australia, which in-line with his extensive track record, has seen him achieve record-breaking results for his clients.

View expert