Adbri divests two more blocks
Adbri has offloaded two more assets surplus to its needs.
In the biggest deal, the group has banked $57 million for a 3.52 hectare Moorebank site at 20 Kelso Crescent, also fronting Seton Road.
The vendor offered it with a 12 month leaseback; Colliers’ Sean Thomson and Adrian Balderston marketed its multi-level industrial development upside after that.
The region also has one of south west Sydney’s lowest industrial vacancy rates – 0.1pc – they added.
Singapore listed Mapletree is the buyer.
Moorebank is 27 kilometres from the CBD.
Kewdale site
Meanwhile in Perth, Adbri – or Adelaide Brighton Cement – is banking $5.7m from a Kewdale investment (story continues below).
The parcel is near the Kewdale Industrial Estate and a 3.8ha warehouse investment Centuria acquired last year at 48-54 Kewdale Road, Welshpool, for $35.1m.
Charter Hall is also a major local land owner, holding the Kewdale Distribution Centre at 123-125 Kewdale Rd, part of which it leased to Australia Post in 2020.
“The sale of Moorebank and Kewdale is part of the company’s ongoing strategy to realise value from Adbri’s surplus land holdings,” interim chief executive officer, Mark Irwin, said.
The disposals come 15 months since the ASX top 200 company divested a 2.88ha site at Fyansford, near Geelong, which between 2017 and last April accommodated high profile silos painted by street artist Tyrone Wright, or Rone.
Covering 170-174 and 222 McCurdy Rd, that property traded to Base Group for a townhouse project.
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