Gateway Capital and Invesco Real Estate Australia secure a 10-year prelease from beverage manufacturer Refresco for a new multi-level warehouse development in Sydney’s south-west.
A new multi-level warehouse development at Revesby in Sydney’s south-west is set to become the city’s largest of its kind, highlighting the growing shift toward vertical industrial facilities as land availability tightens.
Gateway Capital, in partnership with Invesco Real Estate Australia, has received approval for the 55,000-square-metre complex on Milperra Road. The development will be delivered across two levels and is designed to accommodate occupiers seeking modern logistics space closer to urban markets.
Beverage manufacturer Refresco has signed a 10-year prelease for the 25,500-square-metre ground floor, establishing itself as the anchor tenant. The facility will allow the company to consolidate several New South Wales operations under one roof as it continues expanding its Australian manufacturing footprint.
Refresco entered the Australian market in 2022 through the acquisition of Tru Blu Beverages and now produces more than 200,000 pallets of product annually for major retailers including Woolworths, Coles and Aldi.
Gateway Capital chief investment officer and co-founder Peter McDonald says the Revesby project reflects a broader shift occurring across industrial property markets.
“Multi-level facilities are no longer an emerging typology. They are becoming a strategic necessity in land-constrained markets,” Peter says.
“With Sydney’s industrial vacancy near historic lows and land availability tightening across core precincts, multi-level developments allow developers to unlock density while maintaining operational functionality.”
Multi-level warehousing has long been common in densely populated Asian cities such as Tokyo and Singapore, but the concept is only beginning to scale in Australia.
Around 100,000 square metres of multi-level industrial space has been completed in Sydney so far, with an additional 200,000 square metres expected to come online across 2026 and 2027.
However, leasing momentum across the sector has been mixed. Across the four completed multi-level developments in Sydney, roughly 55 per cent of space has been leased, reflecting the operational adjustments some occupiers must make to adopt the format.
Despite this, securing a full-floor precommitment from Refresco before construction begins signals continued occupier interest in large, well-located multi-level logistics facilities.
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