AsheMorgan, Centuria trade east coast industrial investments
AsheMorgan has bought two leased industrial investments from Centuria.
In the biggest deal, the pair traded 40 Decco Drive, Campbellfield, in Melbourne’s north, for $33.5 million.
On 3.6 hectares, the logistics estate contains 17,341 square metres in multiple buildings.
Scania is a key occupier.
The weighted average lease expiry is 4.8 years.
Centuria paid $13.3m in 2021 before building the block out and securing new tenants.
It offered the property 10 months ago with two others – a portfolio branded the Metro I&L Trio.
Bundamba investment
Meanwhile, AsheMorgan is paying Centuria $20.5 million for 45 Hume Drive, Bundamba, west of Brisbane.
On 2.2 hectares, this asset contains 9919 square metres.
Improvements cover 45 per cent of the block, offering long term development upside.
Centuria paid $7m for the site in 2020.
“These two assets mark the continued growth of AsheMorgan’s industrial strategy — targeting under-utilised, well-located assets with embedded value in core logistics corridors across Sydney, Melbourne and Brisbane,” a spokesperson for the buyers said.
“By focusing on precincts with infrastructure connectivity, land constraints and tenant demand, AsheMorgan seeks to deliver long-term performance through active asset management and disciplined acquisitions,” it added.
Colliers’ Sean Thomson was the marketing agent.
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