This article is from the Australian Property Journal archive
CENTENNIAL is set to establish a $30 million logistics estate at its recently purchased warehouse facility in Brisbane’s inner east, adjoining an existing holding.
The off-market $15.8 million acquisition for 29 Parker Court in Pinkenba, located around 10km out from the CBD, will see the Sydney-based property investment manager add the core investment to its Enhanced Value Fund (EVF) III.
Morgan Ruig and Bevan Galloway from Cushman & Wakefield brokered the sale of the 10,660sqm General Industry B zoned site, which is currently occupied by 5,584sqm of warehousing and 305sqm of office space.
”The 29 Parker Court acquisition continues to demonstrate our ability to acquire assets off-market, execute our ‘mid-space’ strategy and focus on inner-ring land constrained locations,” said Paul Ford, executive director and CEO at Centennial — industrial and logistics.
The asset is currently under a new five-year lease to Argent Australia, a national bathroom, laundry and kitchen product importers and distributor.
“In addition, the purchase adjoins our existing property at 670 Macarthur Avenue, and will allow us to unlock additional value by creating an institutional grade asset by increasing quality, optionality and scale,” added Ford.
Centennial’s 679 Macarthur asset comprises a prime 2.11-hectare $30 million site with three buildings and four tenancies, sitting within the TradeCoast industrial precinct.
With the vacancy rate for the Trade Coast precinct currently 1.9% for buildings with GFA of more than 3,000sqm, Direct Commercial Property recently bought into the tightly held market, with the purchase of a $10 million property.
“Importantly, the acquisition bolsters our strong national investment portfolio, with 57 industrial and logistics assets in Queensland, New South Wales, South Australia and Victoria,” concluded Ford.
The acquisition falls in line with Centennial’s strategy of unlocking value in mid-space industrial through purchasing sites in infill locations and refurbishing and managing them into core institutional grade assets.
Such repositioning for the company can be seen in its 9,010sqm Truganina distribution facility, adjoining it’s existing asset at 383 Boundary Road, which was pre-leased to Nu-Pure late last year to be transformed into a purpose-built facility forming part of a $35 million estate.
