Centennial, ESR profit from Brisbane warehouses
Two major asset managers have sold Brisbane industrial investments for a rise on what they paid in 2022.
At Stafford, Centennial banked $9.6 million for a 2983 square metre low impact industrial complex with 2341 sqm, in six tenancies.
It paid $4.8m almost exactly three years ago – then set about fully leasing it.
Nowadays known as the Stafford Business Park, 10 Wolverhampton Street and 14 Harvton, could also have been subdivided, over four titles.
Meanwhile, ESR collected $8.775m for 739 Progress Road, Wacol – a recycling plant permitted for noxious, offensive and hazardous waste.
It paid $7.2m in mid-2022.
On 8108 sqm at the corner of Production St, there are 3378 sqm of improvements.
CBRE’s Jack Hardy was the agent.
His deal comes a month since we reported ESR sold a Pinkenba asset to a government owner-occupier for $48.5m.
In July meanwhile it divested an Eagle Farm office/warehouse to Andrew Northcott’s Wattlestone.
JLL’s Gibson Leembruggen, Stephanie Macourt and Nicola Delibaltas brokered the Stafford deal.
Also today we are reporting Banjo Bond’s Cosgrove Group is paying nearly $32m for a Pinkenba industrial investment.
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