Gibb Group sells Chep Service Centre
Matthew Gibb has sold a modern CHEP Service Centre north of Adelaide.
On 5.6 hectares, 37 Caribou Drive, Direk, collected the executive’s Gibb Group $31 million.
Local private investor Viv Padman is the buyer – at a 5.46 per cent initial passing yield.
Leedwell’s Andrew Zammit and Steve Smith were the agents.
37 Caribou Drive
Completed two and a half years ago, 37 Caribou Dve contains 11,890 square metres with a retail component and warehouse to store, repair and wash pallets and containers.
Gibb Group completed the project on a site bought from Walker Corporation as developer of the Vicinity Industrial Base estate.
Coincidentally, Leedwell brokered that deal too.
Chep, a Brambles division, is on a lease expiring in 2038.
Direk is the second Adelaide service centre Gibb has delivered CHEP – the other, with 10,000 sqm, at inner south west Keswick, opened five years ago (story continues below).
Institutional investment grade area
Elsewhere in the street, Centuria owns a three hectare, 7027 sqm distribution centre leased to Fisher & Paykel, valued in June at $30m – a six per cent capitalisation rate.
It owns 36 Caribou Dve too, occupied by Apex, which cost $38.25m on a funds through basis in 2021.
That holding spreads 5.4ha.
Moelis owns the Rand Transport Distribution Centre in the street, acquired from Cromwell five years ago for $63m.
In March meanwhile, Wesfarmers’ Australian Pharmaceutical Industries pre-committed to an 8920 sqm distribution centre in the suburb, being delivered by Charter Hall.
Pepsico, for Smith’s Snackfoods, not long earlier pre-leased another part of that building, on Edinburgh Road, with 15,540 sqm.
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