Wine distribution centre flipped for $121m

The Penfield property spreads 10.95 hectares.

Munich family office AM alpha has flipped an Adelaide wine distribution centre after 14 months.

The group is banking $121 million for the 10.95 hectare intermodal facility at 123-145 Pellew Road, Penfield – a price speculated to reflect a c4.3 per cent yield.

It paid SCT Logistics $98m – a 5.1pc return.

Fife Capital is believed to be the latest buyer.

JLL’s Adrian Rowse and Tony Iuliano were the agents.

Penfield warehouse

The Penfield property contains 45,000 square metres of lettable area in two buildings constructed in 2014 and 2019.

Treasury Wine Estates is the occupier on a lease expiring in 2030 (story continues below).

Part of the block could be developed immediately.

The deal comes a week since we reported Fife fully leased a small Port Melbourne industrial project under construction.

Last year, the fund manager acquired a portfolio of commercial assets from the family of late Len Buckeridge.

The group also acquired the Kaufland distribution centre, in Melbourne’s north Mickleham, in 2020.

Colliers’ John Marasco, James Wilson and Tim McIntosh brokered that deal.

Penfield is 28 kilometres north of Adelaide.

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Marc Pallisco

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