Centuria shelves industrial estate plan, sells site
Centuria has cashed out on a south west Brisbane industrial investment – a year after announcing plans to replace it with a business park.
The manager is banking $26.75 million for the 3.13 hectare investment, 616 Boundary Road, Richlands.
On behalf of the Centuria Industrial REIT managed Centuria Property Funds No 2, it outlaid $15.9m in July, 2018.
That seller was logistics group, Border Group, which offered it with a three year leaseback.
Following a reposition last year, it was leased to e-commerce Grays Online.
Each way bet
At the same time as striking the Grays lease deal, Centuria announced plans to replace a 13,763 sqm warehouse at 616 Boundary Rd, with a three-building business park.
If developed, it would have contained 16,718 sqm and up to 116 car parks (story continues below).
The site would also have been able to welcome 26 metre double semi-trailers and articulated vehicles up to 19m.
CBRE’s Matthew Frazer-Ryan and Jack Hardy managed the off-market sale.
“Due to the low vacancy levels and significant take-up recorded within Brisbane’s western corridor over the past few years, significant growth in rents has been observed in this precinct,” according to the agents.
This precinct accounted for approximately a quarter of the city’s leasing activity across in 2023 and 2024, they added.
Richlands is about 19 kilometres from the CBD.
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