The largest parcel of industrial land next to the new Western Sydney International Airport has been acquired by UniSuper and ISPT.
The 280ha greenfield logistics development site, Burra Park, is opposite the airport entrance and was acquired from Robert Jones Funds Management for a reported $850 million in an off-market transaction.
UniSuper and ISPT, who have entered a 50/50 agreement on the site, said they intend to progressively develop Burra Park.
The first stages will target a super prime manufacturing, warehouse and logistics estate of more than 400,000sq m of gross floor area (GFA) over the next seven years, and an expected value on completion of more than $3.9 billion.
“In the long run, the estate could deliver over 800,000sq m of GFA with occupier demand supported by population growth, e-commerce and the growth in the airport precinct,” the partners said.
The airport is under construction and will begin 24/7 operations in 2026. It is expected to eventually become Sydney’s largest airport.
The acquisition was negotiated on behalf of the purchasers by real estate investment management firm Richmond Bridge.
UniSuper’s investment in the joint venture will be managed by Richmond Bridge while ISPT’s interest will be self-managed.
Robert Jones acquired a 344ha site from the Medichs family in 2021 and has previously sold parcels to international logistics company DHL and CDC Data Centres.
UniSuper senior manager, property, Nick Stephens said the “super prime institutional grade industrial property asset in Sydney’s tightly held western industrial precinct adds to UniSuper’s $8 billion unlisted property portfolio”.
“It is distinguished not only by its scale but by its positioning within the Northern Gateway precinct of the Western Sydney Aerotropolis,” he said.
