Centennial Industrial & Logistics has purchased a 15,000sqm distribution facility in Adelaide’s inner west for $5,250,000.
Known as the Royal Park Distribution Centre, the asset is located at 7 Brandwood Street, Royal Park, and lies 8.5 kilometres north-west of the Adelaide CBD, enjoying easy access to port, airport, rail and road infrastructure.
Prior to Centennial’s purchase, the large 31,120sqm site had sat vacant for a number of years since it previously operated as a manufacturing facility for Custom Coaches.
Centennial is now set to offer the property for lease, with areas from 3,000sqm up to 12,600sqm for the whole premises, while a significant refurbishment is planned in order to offer high-quality tenancies that suit modern industrial operators.
The property includes two street frontages and boasts 860sqm of office and amenities, 12,553sqm of high clearance (7m) warehouse or manufacturing space and associated ancillary buildings and mezzanine floor.
Royal Park DC is also in close proximity to the expansion at the $90bn defence and naval shipbuilding precinct in nearby Osborne.
According to Paul Ford, Centennial’s Executive Director and CEO Industrial, the purchase represents an ideal opportunity given the asset’s strong fundamentals and strategic industrial location.
“This purchase expands Centennial Industrial & Logistics’ national investment portfolio of more than 30 industrial and logistics assets in Victoria, NSW, South Australia and Queensland,” he explained.
“We recognised the significant functionality, optionality and value-add potential this asset provides, and 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, that will enhance investor returns.
“We have already had strong leasing enquiry, due to the site’s close proximity to the motorway and the ability to leverage the corner location and generic design to offer a wide variety of space options.”