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Centuria Industrial REIT sets south Perth industrial benchmark

Global alloys/metals specialist selects Bannister Road for first Australian operation

Australia’s largest listed pure-play industrial fund, Centuria Industrial REIT (ASX:CIP), has secured global alloy and metal specialist, ICD Group, as its first tenant for the recently completed new build industrial facility at 204 Bannister Road, Canning Vale WA.

ICD Group has committed to a 10-year lease term commencing from 1 March 2024 and including fixed annual rent reviews.

It is the first time ICD Group will open operations within Australia through its subsidiary, ICD Superalloys Australia Pty Ltd. The premise will be the first dedicated superalloy processing facility established in Australia.

Jesse Curtis, CIP Fund Manager and Centuria Head of Industrial, said, “We are pleased to welcome the ICD Group to Bannister Road as well as to our Australian shores. It is an honour to be part of this global operator’s expansion and mark the beginning of its history down under. Attracting global tenants of this calibre is setting a new benchmark for the Perth industrial market, illustrating how the sector is growing in sophistication.

“The Western Australian industrial market has significantly evolved in recent years, driven by rising ecommerce adoption and businesses onshoring their supply chains. Attracting global enterprises is a significant indication of the market maturing and we aim to continue attracting tenant customers of this stature to our assets.”

Wayne Hawkes, ICD Group Managing Director, said, “We are excited to announce the launch of ICD Superalloys Australia, marking a significant step forward in our global expansion strategy. This move will enable us to better serve our existing customers while also offering our comprehensive suite of services to a new market.

“We are confident that our expertise and state-of-the-art facility will position us as the leading provider of Minor Metals and Superalloy Revert solutions in Australia and South-East Asia.”

CIP’s dual tenancy industrial development reached practical completion in late 2023 and ICD Group is currently undertaking a detailed fitout.

The Bannister Road industrial facility has a remaining 8,800sqm warehouse available, complete with 500sqm of office space.

The asset provides a 13.7m clearance, ESFR sprinkler system, multiple on-grade doors, recessed loading docks, container rated hardstand and is also future-proofed with capacity for a 38m super awning installation.

The industrial facility achieved a five-star Green Star design rating and its sustainability features include two 100kW solar systems, six electric vehicle charges, water-resistant landscaping and is 100% supplied with electricity (no gas).

Savills’ leasing agent responsible for negotiating the transaction, Alex Yeo, commented that one of the key attractions of the Bannister Road facility was its immediate availability for the new tenant. He said, “This transaction further underlines the strength of the Perth industrial market, particularly where landlords can offer high grade accommodation without the time delays often attributed to a pre-lease process.”

CIP’s portfolio is eight per cent1 weighted to Western Australia, totalling eight assets worth c.$259 million1. CIP’s entire Australian portfolio comprises 88 assets worth $3.8 billion1.

1. As at 31 December 2023