Centennial, DCP pay $22m for Northern Rivers site
Centennial and Direct Commercial Property have paid $22 million for a major Northern Rivers industrial site.
An 18-lot subdivision is planned for the 8.3 hectare block, 45-65 Smith Drive, West Ballina.
The end value of the completed estate, branded the Gateway Business Park, should circle $70m.
It previously marketed with development approval for a bulky-goods project comprising four buildings with a combined gross floor area of 29,289 square metres.
JLL and North Coast Commercial Real Estate were the agents. The site was marketed as The Interchange.
Showroom to industrial
Also exposed to the Pacific Highway, near the Teven Road interchange, the E4 General Industrial zoned property is 4.5 kilometres from Ballina’s town centre and 7.5km from Ballina Byron Gateway Airport.
The proposed estate will be delivered in two stages, with lots ranging from 1500 sqm to 1.5ha.
Stage one is targeted for completion in the third quarter of 2027 (continues below).
Centennial chief investment officer David Cupit said demand for serviced industrial land in the region was competitive.
He cited a Ballina Shire Council auction last year at which all nine lots sold, including a 4492 sqm parcel that reportedly fetched $5.8m, or about $1291 per sqm.
Centennial, DCP partner
DCP will oversee asset management and work with the partner and appointed agents on the subdivision’s positioning and sales.
The site is near established industrial occupiers including FedEx, Team Global Express, G. James and InfraBuild, with access to the Pacific and Bruxner highways linking Ballina with Brisbane, the wider Northern Rivers and inland freight routes.
The proposed subdivision’s delivery will depend on the completion of infrastructure and works needed to service the individual lots.
Ballina is about 30 kilometres south of Byron Bay and 110 south of Surfers Paradise.
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