Fund manager extends Fishermans Bend footprint
An ASX-listed industrial fund has quietly expanded its footprint along a prime stretch of Fishermans Bend – at 480 hectares, Australia’s biggest urban renewal project.
Centuria, for the Industrial REIT (CIP), outlaid $8 million for the modern, fully leased two storey high-tech office/warehouse on 1566 square metres at 876 Lorimer Street, Port Melbourne.
Elizabeth Machines Co, Jacmax Developments, Leica and mySmartCTI are the occupiers.
Combined with properties CIP owns next door, this consolidation expands to c5000 sqm.
In the wider Fishermans Bend area, the fund controls 1.06ha.
The deal comes nine months since Centuria, for CIP, created a 5.7ha amalgamation in Sydney’s Wetherill Park, following an $11.5m deal for an office/warehouse abutting three portfolio investments.
Prime spot
Centuria’s Lorimer St sites are opposite Mirvac’s Yarra Edge pocket of Docklands, which has been taking shape in stages.
Monno also owns a property nearby – 111 Lorimer St, at the V-intersection of Boundary, was last year approved for a BTR investment (story continues below).
A tram earmarked to run in the area will run over the Yarra River to Flinders St.
“The [876 Lorimer St] acquisition provides a 7.1 year weighted average lease expiry,” CIP fund manager, David McGuigan, said, adding it was fully leased.
“[It also] aligns with the REIT’s strategy of securing urban infill last-mile industrial facilities in proximity to densely populated areas,” according to the executive.
“This consolidated site is adjacent to…[an area] which is expected to house approximately 80,000 residents and provide employment for up to 80,000 by 2050.
“This acquisition provides significant future opportunity and optionality”.
Dawkins Occhiuto’s Walter Occhiuto and Andrew Dawkins were the agents.
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