Centennial sells Melbourne distribution centre after three years
Centennial has sold a south east Melbourne distribution centre acquired three years ago with a leaseback.
Now vacant, 20-50 Waterview Close, Dandenong South, traded for $20.88 million.
The buyer is a China based logistics services provider, to occupy.
Settlement is to an entity, 360 Ils Investments Pty Ltd.
The deal comes six weeks since we reported Centennial, in a joint venture with MaxCap, acquired a 10.9 hectare Kurnell, Sydney, industrial development site.
20-50 Waterview Close
Centennial, on behalf of a global partnership fund, bought 20-50 Waterview Cl from flower supplier Apack for $19.88m in September, 2022, with a three year leaseback.
On a 1.75ha fully fenced block it contains a modern 9306 square metre improvement returning, until mid year, $119 per sqm, per annum, rent.
The building includes an onsite solar system and energy efficient sensor lighting.
There are multiple crossovers, hardstand areas ablet to accommodate 18 metre trucks and 77 car parks.
Part of the site is vacant, available for immediate development.
Colliers’ Gavin Bishop, Gordon Code, Sean Thomson and James Stott represented Centennial.
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