Centennial has outlaid $23.7 million for two more Brisbane industrial investments.
At Pinkenba, near Brisbane Airport, the fund manager and developer is paying $15.7m for a modern office/warehouse investment on 1.066 hectares at 29 Parker Court (outlined, image, top).
With the deal, the group has almost exactly doubled its footprint in the pocket (it also owns the neighbouring 607 Macarthur Avenue).
Cushman & Wakefield’s Morgan Ruig and Bevan Galloway brokered the off-market deal.
Quality, optionality and scale to value-add
The Parker Ct property contains a 5584 square metre warehouse and 305 sqm office, leased for five years to bathroom and kitchen product importer and distributor, Argent Australia.
Centennial will hold it in the Enhanced Value Fund III.
“The acquisition further cements Centennial’s unique proposition of realizing value in mid-space industrial by purchasing assets in infill locations and actively managing and refurbishing them to create core institutional grade assets,” the fund manager’s chief executive officer, Industrial & Logistics, Paul Ford, said.
“The 29 Parker Ct acquisition continues to demonstrate our ability to acquire assets off-market, execute our ‘mid-space’ strategy and focus on inner-ring land constrained locations,” he added.
“In addition, the purchase adjoins [an] existing property…and will allow us to unlock additional value by creating an institutional grade asset by increasing quality, optionality and scale,” according to the executive (story continues below).
The end value of a redeveloped business park should circle $30m.
Pinkenba is about 10 kilometres north east of the CBD.
In a smaller deal, Centennial is paying $7.9m for a leased Darra industrial investment.
On 7000 sqm at 43 Clinker Street, within the QCL Estate, the property contains a 3611 sqm warehouse and 353 sqm office.
Savills’ Callum Stenson was the sales agent.
Darra is about 13km south west of the city.
Centennial now holds 57 industrial and logistics assets, spread around the three east coast states and South Australia.
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