Centuria, Morgan Stanley shed Melbourne warehouse
Centuria and Morgan Stanley have sold a multi-tenanted industrial investment in Melbourne’s north.
The 1.77 hectare asset, 40 Scanlon Drive, Epping, is trading for $24.25 million – a four per cent premium to the December, 2025, valuation ($23.4m) which assumed a 6.38 per cent capitalisation rate.
The pair paid Australian Unity $15.15m in mid-2021.
Centuria held a 50pc stake in the Industrial REIT (CIP).
The balance was controlled by the Morgan Stanley backed Centuria Prime Logistics Partnership.
The buyer this time around is Westbridge Funds Management. The yield is mooted at 6.38pc. The price is being promoted as lower than replacement cost.
40 Scanlon Drive
On 1.77 hectares within the Northpoint Business Park, 40 Scanlon Dve contains a 9371 square metre warehouse developed in 2007 (continues below).
Mission Foods’ Gruma Oceania occupies the biggest space, spanning 5306 sqm, for tortilla manufacturing.
US based building materials supplier GCP occupiers the balance (4065 sqm); it renewed its lease mid-last year.
The weighted average lease expiry is 4.8 years.
Improvements cover 21 per cent of the site.
Epping is 20 kilometres from town.
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