Aldi sublets Prestons warehouse
Aldi has secured a national transport company to sublet part of a cold storage and distribution centre in Sydney’s south west.
The supermarket giant itself sublets the 4500 square metres at 115-121 Jedda Road, Prestons.
Smallgoods manufacturer Primo is the head tenant.
It was also once the owner.
After developing it, the property was sold in 2011 with a leaseback, for $16m.
That buyer sold it to Charter Hall for $59m in April, 2017 – near to a commercial real estate property peak.
Major Centennial asset
Charter Hall sold 115-121 Jedda Rd to Centennial in mid-2023, for $79m.
The weighted average lease expiry at the time was 6.3 years years.
It is 5.7 years now.
The 5.33 hectare holding contains 15,030 sqm in three buildings, fit out for cold storage and distribution.
JLL’s Adam Scimone, Marco Chiodo, Tom Gibbeson and Bella Cass managed the sublet.
Aldi operates from a much bigger distribution centre in the suburb, at 10 Burando Rd, which Allianz and Charter Hall bought with leasebacks from Aldi in 2020 as part of a $648m portfolio with three similar properties.
Vacant Ingleburn office/warehouse sells
Meanwhile at Ingleburn, about eight kilometres south of Prestons, TT Investments has paid $8.05m for a 1600 sqm freestanding office/warehouse.
The vacant building occupies 2360 sqm zoned E4 General Industrial, allowing light manufacturing.
With an 8.9 metre clearance, it also lends to being a distribution centre.
A balcony comes off the B-grade office.
Fully fenced, there are also 22 car parks.
Cushman & Wakefield’s Aston Dalfonso and Dean La Delfa were the agents.
Local vacancy, they said, has fallen to 3.3 per cent this year, improving rents for landlords.
“We saw strong interest from both owner occupiers and investors,” Mr Dalfonso said.
“Demand for high quality, well located industrial assets like this remains incredibly robust, especially in precincts with excellent transport links and limited new supply,” he added.
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