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Centennial secures global operator Tourism Holdings Limited for new $30m Pinkenba Industrial Park
Centennial Industrial & Logistics have committed Tourism Holdings shortly after settlement to their newly acquired Pinkenba Industrial Park in a 7-year deal negotiated by Anthony White and Jared Conway from Colliers.
Tourism Holdings Limited (THL) is listed on the New Zealand Stock Exchange and is the largest provider of holiday vehicles for rent and sale globally under their brands Britz, Maui and KEA Motorhomes.
“Despite the shocks the industry has faced these past 18 months, we anticipate a strong recovery and a bright future in Queensland and Brisbane in particular. This move is a testament to our confidence in the business, our partners and our people, who are excited to continue to enable incredible experiences for our customers, visiting Queensland for holidays and visiting for future events such as the 2032 Olympics,” said Kate Meldrum, Chief Operating Officer from THL Australia.
THL will occupy half of the site, taking occupation of an existing 3,452sqm office, warehouse, maintenance and storage facility which is surrounded by a high-capacity additional hardstand.
The balance of the site is earmarked for a future logistics development, with plans drawn up for a state of the art, high clearance 4,794sqm distribution facility, with entirely separate access and generous hardstand.
The Pinkenba Industrial Park was purchased for $10.42M in an off-market transaction that settled in July. That deal was also handled by Colliers.
According to Centennial Executive Director, Paul Ford, “This transaction allows us to continue executing our strategy of acquiring modern and highly functional assets with flexible improvements at close to or at land value to enhance investor returns. The early success with THL has significantly de-risked the asset and allows us to commence further development well ahead of schedule.”
“We are very pleased to welcome THL to the property and our portfolio; the position midway between the Brisbane Airport, Gateway Motorway and Brisbane Cruise Terminal is an ideal location for a global business focused on the recreational vehicle sector.”
“We will now turn to speculatively constructing a new distribution facility on the remaining land and are close to finalising a design which will set a new benchmark in terms of access, efficiency and flexibility for assets of this size which should be completed by mid to late 2022 with and end value of approximately $30m.”
Anthony White from Colliers also highlighted the lack of quality warehousing facilities in the 5,000sqm range. “Vacancy levels in this market are currently under 1.2% and if you are looking for an A-Grade freestanding distribution facility, options are even more limited.”
This purchase expands the Centennial Industrial & Logistics national investment portfolio to more than 45 assets across Sydney, Melbourne, Brisbane, and Adelaide.
