Asset manager doubles down in Prestons
Centennial has bought another major Prestons industrial investment.
The 1.76 hectare IN3 Heavy Industrial zoned asset, 6 Ash Road, set it back $29.75 million.
With a 7585 square metre part temperature-controlled warehouse, and office, it is occupied util 2029 by ASX-listed Pact Group subsidiary, Jalco Australia.
The vendor paid $21m in November, 2022 – a leaseback deal reflecting a 4.6 per cent net passing yield.
The on sale was brokered off-market pricing the building at $3922 per sqm and land at $1692 per sqm.
Savills’ Alex Jaafar, Michael Wall and John Swanson were the agents.
The deal comes two and a half years since Centennial paid $79m for a cold storage investment in the suburb, on 5.3 hectares.
That seller was Charter Hall on behalf of the Direct Industrial Fund No 4.
Also today we are reporting occupiers traded a Wetherill Park office/warehouse, north of Prestons, for $40m.
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