Centennial acquires strategic TradeCoast asset to create $30M logistics estate.
- Centennial Property Group acquires 29 Parker Court, Pinkenba off-market for $15.8M
- The site adjoins an existing Centennial asset and will create a prime $30M logistics estate
- The property is leased for five years to bathroom and kitchen product distributors, Argent Australia
- The asset sits within a tightly-held industrial precinct, highly sought-after by tenants due to its proximity to major transport corridors, Brisbane Airport and the Port of Brisbane
Sydney-based property investment manager, Centennial Property Group (Centennial) has confirmed its latest strategic acquisition in Brisbane, with the purchase of a modern-spec, generic, high clearance warehouse facility in the city’s inner east.
Located at 29 Parker Court, Pinkenba, the purchase was confirmed in a $15.8M off-market sale brokered by Cushman & Wakefield’s Morgan Ruig and Bevan Galloway, and represents a core investment for Centennial, with the asset primed to sit within the group’s Enhanced Value Fund (EVF) III.
Comprising a 10,660sqm “General Industry B” zoned site, the asset offers a highly flexible industrial and logistics facility with 5,584sqm of warehouse and 305sqm of office space.
The sale is currently underpinned by a new five-year lease to national bathroom, laundry and kitchen product importers and distributors, Argent Australia, who supply the world-renowned brands Villeroy & Boch, Bette, Hansa, Reginox, Schell, JEE-O and Pomd’or.
The site also adjoins an existing Centennial asset at 670 Macarthur Avenue, providing a prime 2.11 hectare, $30M holding comprising three buildings and four tenancies, within Brisbane’s premium TradeCoast industrial precinct, which offers proximity and direct access to Brisbane Airport, the Port of Brisbane and major arterial road networks.
The current vacancy rate for the TradeCoast precinct is listed as 1.9% for buildings with a GFA over 3,000sqm, with major occupiers in the area including the Reece Group, Amazon, OZtrail, BevChain, and DB Schenker.
According to Centennial Executive Director and CEO – Industrial & Logistics, Paul Ford, the acquisition further cements Centennial’s unique proposition of realising value in mid-space industrial by purchasing assets in infill locations and actively managing and refurbishing them to create core institutional-grade assets.
”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,” he said.
“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.
“Importantly, the acquisition bolsters our strong national investment portfolio, with 57 industrial and logistics assets in Queensland, New South Wales, South Australia and Victoria.”
About Centennial Industrial & Logistics
Centennial has built a specialist industrial and logistics team focusing on the mid-market space, with a curated portfolio of 57 assets and in excess of $850M under management, as well as a $250M development pipeline.
With a team of 30 based in Sydney, Melbourne, Brisbane and Adelaide, Centennial focusses on several niche sectors of the Australian property market.
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