Centennial doubles down in south Sydney
Centennial has picked up a 10.9 hectare Kurnell industrial investment – its second in south Sydney since April.
The $65 million deal is also the third sealed with MaxCap Group for a joint venture.
At 260B Captain Cook Drive (pictured, top), the Industrial 1 zoned freehold will make way for a 25-lot subdivision with lots between 1500-4600 square metres.
Two improvements containing 5213 sqm will be refurbished.
The property’s end value is expected to circle $160m.
“Kurnell is tightly held with very few large sites available,” Centennial head of Property Funds, David Cupit, said.
“Captain Cook Dve is flagged for further expansion and connects directly to Port Botany and the planned M6,” he added.
Colliers’ Matthew Meynell, Trent Gallagher and Edward McFarland with Stanton Hillier Parker’s Andrew Hunter, Eugene Evgenikos and Darren Benson represented receiver and manager RSM’s Brett Lord and Richard Stone (continues below).
Centennial backs small warehouses
The Kurnell block was offered permit-approved for a subdivision with smaller lots than what Centennial and MaxCap plan.
It returns $1.984m annual rent.
The purchase comes six months since Centennial acquired a 9600 sqm Matraville investment – with six small tenancies – from EG.
In August meanwhile the asset manager, with Phoenix Property Partners, bought a 15.4ha Pinkenba, Brisbane, industrial development site, with plans for a c40,500 sqm estate.
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