29 May 2023
Willawong warehouse sold at 31% premium1
- $12.75 million sale illustrates continuing strong investor demand for infill industrial facilities.
- Current southeast Brisbane industrial market vacancy at 0.5%2, driving strong rental growth.
- 100% occupied by Akzo Nobel Pty Ltd on a five year term3 across 3,415 sqm NLA.
- Secured by a private investor from a Centuria unlisted vehicle.
A 3,415 sqm industrial facility within a key southeast Brisbane industrial precinct recently sold at a 31% premium to its prior book value1 after the vendor secured a new five year lease.
The modern asset, located at 373 Sherbrooke Road, Willawong, was divested by an unlisted vehicle managed by Centuria for $12.75 million. The asset was acquired by a private investor.
The property is 100% occupied by international maritime paints and coating specialist, Akzo Nobel Pty Ltd, on a five year term3.
The leasing transaction follows recent reports that the southeast Brisbane industrial market vacancy is currently a low 0.5%2.
Jesse Curtis, Centuria Head of Industrial said, “Limited vacancy and persistent tenant demand within infill industrial markets across the Australian eastern seaboard continues to drive outsized rental growth. This is a common theme across Centuria’s entire Australian industrial portfolio. These enduring strong market tailwinds continue to drive investor demand for quality industrial assets.
“Centuria acquired the asset in 2015 and, through value-add leasing, it has achieved a notable return for the Fund’s investors. Centuria has a strong track record in sourcing strategic assets that lend themselves to value-add opportunities, where our in-house management capabilities can provide leasing, refurbishment, redevelopment or repositioning projects to maximise returns for our investors.”
Centuria is an Australasian real estate funds manager with investments spanning the industrial, healthcare, decentralised office, daily needs and large format retail, agriculture and property finance markets.
Within Queensland alone, Centuria has a portfolio of 101 properties worth $3.5 billion across its aforementioned real estate verticals.
The Willawong warehouse is a freehold industrial property constructed in 2015 and provides a 10.5 metre internal clearance warehouse, two loading bays, 2,000 metre hardstand, 52 on-grade parking spaces and 1,420 sqm office accommodation.
The asset is located 7 km from the Centenary Highway, less than 9 km from the Logan Motorway (M2), and 14 km to the Pacific Highway (M1).
CG Property Group’s Ben Clarke and Mark Gilbride negotiated the sale on behalf of the vendor.
1. Premium to prior book value of $9.7 million as at 30 June 2022.
2. CBRE – Australia’s Industrial and Logistics Vacancy – December 2022.
3. As at 16 June 2023.
