Centennial buys Amcor print plant
Centennial Property Group is purchasing a Moorabbin industrial investment leased to Amcor.
The Keys Road Distribution Centre is costing $27.45 million.
Vendor, Perth-based GM Property, paid $20.85m in September, 2019.
The 3.3 hectare property at 15 Keys Road contains 17,660 square metres of office and warehouse area in several buildings.
Amcor is the sole occupier; as well as it serving as a logistics centre, the factory is used for solvent printing on plastics (story continues below).
The packaging group sold the Moorabbin asset with a leaseback for $9.2m in 2003.
That purchaser, Glenmont Industrial Trust, was later overtaken by Becton – which divested in 2009 for $10.3m, a price which reflected a 10.2 per cent yield.
Moorabbin is 16 kilometres south east of Melbourne.
Sydney-based Centennial settled three months ago.
