Centuria sells warehouse after leasing campaign
Centuria has sold another asset from the Industrial REIT (CIP).
The vacant property, 680 Boundary Road, Richlands, is collecting $38 million from an occupier.
The asset manager paid $19.5m in 2019.
It was represented for the off-market deal by CG Property Group’s Mark Gilbride.
Also today we are reporting Centuria, for CIP, sold Yamaha Motors Australia’s state headquarters at Murarrie, to Clarence Property, for $42m.
680 Boundary Road
The Richlands property will deliver CIP a 16pc pa, internal rate of return over the six years.
Centuria offered it for lease four months ago before Mr Gilbride presented a buyer offer.
On 2.2 hectares it contains a 11,141 sqm warehouse with front, side and rear loading, at-grade doors and docks and nine metres of awning.
There is also 1417 sqm of office/showroom space.
A dual driveway wraps around it.
Richlands is about 20 kilometres south west of Brisbane’s CBD.
“This corridor offers excellent connectivity into central Brisbane, Ipswich and the Gold Coast,” Mr Gilbride said.
“Vacancy within the…market is 3.6pc and strong occupier demand continues to drive rental growth,” he added.
More to come.
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