A modern distribution centre at 10 Albertson Road, Barnawartha North has been exclusively sold by Colliers’ Sean Thomson, Gavin Bishop and Nick Saunders for $10,600,000 to Ascot Capital.
The Wine Depot Distribution Centre was sold via an On-Market Expressions of Interest campaign which generated significant interest from a national purchaser profile.
The facility was subject to a 12-year triple net leaseback to ASX-listed company Wine Depot, with the added benefit of planning approval for the construction of an additional warehouse and extension of the existing facility.
The distribution centre was built in 2005 and comprises a building area of 7,252sqm, situated on a 40,200sqm land holding, with the ability to increase the gross lettable area to 18,022sqm through an expansion of the existing facility and the construction of an additional adjoining building.
Greg King, Director, Ascot Capital, said: “We are delighted to be forming a long-term partnership with Wine Depot. This fits right into Ascot’s deal envelope, with long tenure of income and the opportunity to scale-up with further development.”
Sean Thomson, Director, Industrial Capital Markets Australia, at Colliers said: “Macro-economic drivers for the industrial and logistics market such as e-commerce and infrastructure investment will further benefit the Albury-Wodonga precinct due to its excellent nationwide connectivity and we expect to continue to see further yield compression within the precinct.
“There is an increasing occupier demand for regional distribution centres due to the increased efficiency and sophistication of automated warehousing reducing order fulfilment times and inventory loss.
“This asset is critical for Wine Depot’s operational supply chain as 85% of Australia’s population can be reached by an overnight transport shift due to the immediate proximity of Australia’s premium freight corridor, the Hume Highway.”
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