Ascot picks up regional wine distribution centre
The Wine Depot, a brand of ASX-listed Digital Wine Ventures, has sold a Barnawartha North distribution centre with a 12 year leaseback.
The $10.6 million deal with Ascot Capital reflects a 5.85 per cent net passing yield.
Colliers’ Sean Thomson, Gavin Bishop and Nick Saunders were the agents.
Barnawartha is about 17 kilometres west of Wodonga and 300 km north of Melbourne.
Income with development upside
On four hectares, the Barnawartha North property, 10 Albertson Road, on the north east corner of Logic Boulevard, contains a 7252 square metre warehouse purpose-built for the wine group in 2005.
There is also the potential to multiply the lettable area to 18,022 sqm through an extension and new structure, with The Wine Depot pre-committed (story continues below).
“This fits right into Ascot’s deal envelope, with long tenure of income and the opportunity to scale up with further development,” Ascot director Greg King said of the property.
Mr Thomson said the Albury-Wodonga precinct has excellent nationwide connectivity.
“There is an increasing occupier demand for regional distribution centres due to the increased efficiency and sophistication of automated warehousing reducing order fulfilment times and inventor loss,” according to the executive.
“This asset is critical for Wine Depot’s operational supply chain as 85pc of Australia’s population can be reached by an overnight transport shift due to the immediate proximity of Australia’s premium freight corridor, the Hume Highway”.
Last June, Germany based AM alpha paid SCT Logistics $98m for a 10.95ha wine distribution centre in Adelaide’s Penfield.
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