Centennial unlocks Truganina ‘supersite’ with 10-year lease as Nu-Pure reveals expansion plans.
- Centennial has developed a brand new 9,039sqm logistics facility within its Boundary Road Industrial Park in Truganina
- The property was originally acquired in August 2019 for $11M, with Centennial subsequently developing out the surplus land, creating an asset that is now valued at $32M
- The site has also been merged with an adjacent property to create a supersite that will facilitate an expansion of Nu-Pure’s Victorian beverage manufacturing facilities
Leading Australian property fund manager, Centennial, has completed the strategic development of a major site within its Boundary Road Industrial Park in Melbourne’s western suburbs.
Located at 383 Boundary Road, Truganina, the asset was originally purchased in August 2019 within its Enhanced Value Fund (EVF) for $11M and comprised five brand-new industrial units, with a total area of 5,521sqm, plus 14,500sqm of surplus land.
Following the acquisition and new deal with Nu-Pure Beverages, Centennial engaged Vaughan Constructions to transform the surplus land through the creation of a brand new 9,039sqm logistics facility, incorporating 8,591sqm of warehousing and 448sqm of office space, taking the asset’s total value to $32M and materially enhancing returns for investors.
Importantly, the site has been merged with the adjoining Victorian headquarters of Nu-Pure Beverages, at 2/391 Boundary Road, to create a ‘supersite’. The expansion will facilitate the company’s growth plans as they aim to increase production and distribution of their bottled spring water products.
The new site, which also includes 1,500sqm of canopy area and 6,000sqm of hardstand, has been pre-leased by Nu-Pure Beverages for a term of 10 years, through CBRE’s Director – Industrial & Logistics, Australia, Harry Kalaitzis.
The announcement makes Nu-Pure Beverages one of the major players in the booming industrial suburb of Truganina, alongside brands such as Coles, CMV Truck & Bus/Volvo Australia, CHEP and Downer Group.
Truganina has become a prized location for large-scale businesses seeking industrial space for modern distribution centres, courtesy of its location just four kilometres from the Western Ring Road, 17 kilometres from the Port of Melbourne, and 20 kilometres from the Melbourne CBD.
According to Centennial Executive Director and CEO – Industrial & Logistics, Paul Ford, the new development has once again confirmed Centennial’s ability to innovate and unlock value as a leader in the “mid-space” industrial and logistics sector.
“This acquisition and the subsequent pre-leased development shows our ability to acquire off-market, what is typically considered to be private real estate, and convert it into institutional-grade real estate, whilst adding significant value for our capital partners,” said Mr Ford.
About Centennial Industrial & Logistics
Centennial has built a specialist industrial and logistics team focusing on the mid-market space, with a curated portfolio of 62 assets and in excess of $900 million under management, as well as a $250 million 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.
