Centennial Industrial & Logistics has secured a long-term lease to a national laundry operator at 70 Darlington Drive, Yatala, our prime warehouse, factory and industrial asset ideally located midway between Brisbane and the Gold Coast.
The property has been leased to KC Dry Cleaning Group, who are headquartered in Adelaide, with the company taking a 10-year lease over the main factory component of the property, as they seek to expand their business.
70 Darlington Drive comprises 9,448 sqm of existing office/warehouse accommodation, and following our purchase of the property in June 2020, a substantial redesign of the overall land holding has been undertaken, which will include the construction of a new warehouse facility to complement the existing standalone office building.
The building was originally purpose-built for steel fabrication, however, will now be fully refitted to accommodate a substantial laundry operation.
According to Paul Ford, Centennial’s Executive Director and Industrial CEO, the property boasts key elements that made it an attractive lease prospect.
“70 Darlington Drive’s strategic location and large hardstand area were strong drivers which attracted KC Dry Cleaning Group to the facility,” he said.
“Located within the M1 corridor, the tenant has leased this space to cater for the major expansion of its business, with the property offering the significant internal infrastructure required for their operation. Rental rates for similar facilities in the Yatala Enterprise Area are circa $100/square metre.”
According to Greg Russell from leasing agents IPP, the deal also highlights the strong logistical benefits of the Yatala Enterprise Area, centrally located between Brisbane and the Gold Coast.
“This location was identified as a major target market for KC Dry Cleaning Group, while the upgrading of the existing exits to the M1 Motorway will further add to the connectivity of the precinct,” he explained.
“This was one of its biggest attractions for the tenant – perfectly positioned in Yatala, approximately 35km south of the CBD with great transport infrastructure – including the M1 Motorway and Logan Motorway.”