Leading national unlisted property funds manager, Centennial, has secured a strategic 13,270sq m industrial site in Brisbane’s sought-after Australia TradeCoast industrial precinct at Pinkenba, for $15.6 million.

The sale was brokered by Colliers’ Anthony White and Jared Conway on behalf of a private investor, with the team also responsible for leasing the site to national vehicle repair group, Action Smart Group, which generated a near record TradeCoast rental rate of $205 per sq m over a five-year lease.

Centennial’s Executive Director and CEO, Industrial & Logistics, Paul Ford said the company’s latest acquisition bolsters its growing portfolio of niche ‘mid-space’ holdings within Brisbane's tightly held TradeCoast precinct.

“The purchase of this site was tactically driven to enable us to consolidate our two adjoining industrial sites (bordered by MacArthur Avenue, Parker Court and Savage Street) into the one estate to create an institutional grade asset of scale,” Mr Ford said.  

“This transaction allows us to continue executing our growth strategy of securing modern, functional mid-space assets, with flexibility for upgrades and expansions, that are located within inner-ring and urban land constrained locations.”

Colliers’ National Director of Industrial, Anthony White said the site drew significant interest from investors and owner-occupiers, with Centennial astutely identifying an opportunity to purchase an asset primed to take advantage of the growth in industrial rents as demand continues to outpace new supply.

“Competition for the site from prospective tenants was also spirited during the leasing campaign, which in large, was driven by the sub-one per cent vacancy rates and limited new developments coming on-stream in the Australia TradeCoast precinct,” Mr White said.

Centennial’s latest acquisition expands its logistics and investment portfolio to 63 assets throughout Australia valued at approximately $1 billion, plus an additional national development pipeline in excess of $350 million.

“The purchase of the Pinkenba site within Brisbane’s Australia TradeCoast export hub has been executed well ahead of our forecast, which once again confirms our ability to identify value and enhance returns for our investors,” Mr Ford added.

To request a sales analysis please contact the selling agents Colliers’ Anthony White and Jared Conway via the below contact details. 

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