Munich investor spends $98m on wine distribution centre

The asset contains two structures, developed five years apart from 2014.

In the biggest South Australian industrial sale this year, Munich family office AM alpha is paying $98 million for a Penfield logistics complex.

The price for 123-145 Pellew Road reflects a 5.1 per cent equated market yield.

The Penfield property abuts a freight line connected to Port Adelaide.

The vendor, SCT Logistics, was represented by Savills’ Ryan Mills and Rino Carpinelli.

Sydney-based Realmont Property Partners, which introduced the asset to AM alpha, will manage it.

Penfield is about 28 kilometres north of Adelaide.

123-145 Pellew Road, Penfield

On 10.95 hectares – part of which can still be developed – the property contains 45,000 square metres of lettable area in two buildings, constructed five years apart since 2014, for Treasury Wine Estates.

The Weighted Average Lease Expiry is 9.5 years.

The asset contain a temperature-controlled and ambient distribution centre, which services local and international customers, wine maturation complex and offices.

There are also two major awnings, four crossovers and a car park.

Some 10,000 export boxes per annum move through it (story continues below).

The property has immediate access via the SCT Penfield Freight Centre to a rail line connected to Port Adelaide and beyond that, Darwin, Melbourne and Perth.

“SCT Logistics Penfield Rail Freight Centre is strategically located…adjacent to the ARTC Adelaide to Port Augusta mainline, and has seen significant growth since inception,” Mr Mills said.

“Within a short space of time, it has become one of Australia’s busiest rail hubs,” he added.

“The site acts as a centre for freight consolidation and distribution, making it an attractive location for organisations as an anchor point into northern Adelaide, the surrounding region, the interstate rail network and with direct access to Port Adelaide,” according to the executive.

Mr Carpinelli said the AM alpha deal is one of several off-market transactions the agency has been working on this year.

“The South Australian industrial sector has been a hive of activity during the last 12 months with strong interest in securely leased industrial investment opportunities,” he added.

“The growing tenant demand for quality logistics assets and no stamp duty on commercial transactions will continue to strengthen investment in the Adelaide market”.

CUB is another occupier at the 92ha SCT Logistics Penfield Rail Freight Centre.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of