Centennial, Phoenix buy enormous Brisbane Airport freehold
Centennial has teamed with Pan Asian private equity investor Phoenix Property Investors to buy and develop the last freehold development site of scale in the Australia TradeCoast region.
The Pinkenba block, 142 Marine Drive, near Brisbane Airport, is costing $61.35 million excluding GST.
About 12.1 hectares of the 15.4ha can be built on.
Construction of a c40,570 square metre complex (artist’s impression, top), with tenancies between 3700-15,300 sqm, is planned next year.
The end value is expected to circle $240m.
First of many JVs: buyers
The property settled last month after a public campaign launched May.
Centennial though – which holds eight other Australia TradeCoast assets – had identified it much earlier.
“We have had our eye on the site for over two years given land in this area and particularly freehold land outside the Brisbane Airport and Port of Brisbane’s own leasehold industrial parks is very scarce,” joint managing director, Paul Ford, said.
It is the company’s first joint venture with Phoenix – though more are planned.
Phoenix manages c$26.5 billion of real estate, nearly 10 per cent ($2.5b) in Australia.
This asset will be slotted into its opportunistic fund series, partner and head of Australia, Trent Winduss, said.
Centennial’s Australia TradeCoast asset portfolio before this property – covering 21 hectares – is worth c$513m, it said.
Cushman & Wakefield’s Myles Fredericksen and Morgan Ruig with CG Property’s Michael Callow and Dan Munnich brokered the Marine Drive deal on behalf of private investors.
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