Pinkenba Industrial Sold for $34.7M8 April 2020
City Freeholds has acquired a 4.5ha industrial site in Pinkenba being offloaded by Arcadia, paying $34.7M.
The prime industrial land within close proximity to wharf and airport infrastructure contains a multi-tenanted warehouse of 15,025sqm anchored by Cement Australia who are committed until 2029.
According to Colliers who marketed the property, the facility's estimated fully leased net income as at 1 January 2021 is expected to be $2,285,811, providing City Freeholds with a fully leased yield of 6.6%.
Arcadia Funds Management acquired the property in 2007 for approx $26.6m.
City Freeholds are well know in the property industry with a large portfolio of assets. In 2019, City Freeholds elected to sell Rockdale Plaza to Charter Hall for $142m.
The group also hold a 6.29-hectare site, at 37-39 Hill Road, Wentworth Point in Sydney's west which is currently occupied by four large warehouses used primarily for the storage of freight. The site is one of the last industrial sites in Wentworth Point that has not been converted to residential uses, however the group engaged Ethos Urban and obtained a planning approval in late 2018 for the staged redevelopment of the site to accommodate approx 1,244 apartments.