sydney harbour bridge with northern beaches in foreground
Source: Henry Thai
  • Acquisition of $26.25M warehouse in Bella Vista NSW.
  • Third acquisition for 2021, two made in Victoria during January
  • Total acquisitions for FY21 to 12 assets, worth $757.2M

The strength of commercial real estate has been baffling punters, with many expecting serious deficits from the pandemic to hit bottom lines hard.

Instead, the market has been booming, and hasn’t stopped one of those companies Centuria (ASX: CIP).

Centuria have made another acquisition this year, this time in NSW.

The Bella Vista Warehouse is about half an hour north-west of Sydney, 10 minutes from Blacktown and the Hills.

Worth a total of $26.25M, the acquisition takes Centuria to 12 properties for the financial year, which is yet to come to a close, with assets now worth more than $757M in total.

Centuria said in a statement, “The off -market acquisition was secured on a short 0.5-year Weighted Average Lease Expiry (WALE), providing a value-add opportunity to reposition the asset.

The property, located at 8 Lexington Drive, Bella Vista, provides a 7,678sqm warehouse and 591sqm modern office, with less than 50% site coverage.”

It’s a tough market in Sydney, but flexibility of the site is appealing says CIP Fund Manager Jesse Curtis:

“This acquisition increases CIP’s exposure in the tightly held Sydney industrial market.Using our in-house capabilities, CIP has a strong track record in delivering value-add opportunities and this latest asset adds to our existing pipeline. Being a high-profile location, in a true infill area, the asset will appeal to a broad range of potential users.”

You May Also Like

Westpac sees rates hitting 4.1 per cent and property prices falling further

Westpac said, “2023 will be another challenging year, particularly as the RBA continues to ratchet interest rates higher.”

Home loan hacks: four way to save money on your mortgage

With interest rates expected to keep rising, Compare Club has tips to ease the mortgage pain.

CoreLogic’s guide to navigating a looming ‘fixed-rate cliff’

Many borrowers will feel mortgage pain when they next refinance

How much does it cost to move house?

From cleaning fees to moving services, the costs of moving houses can add up fast

Experts Corner by The Property Tribune

Ko & NPA partner to launch several co-owned luxury properties at Mermaid Beach, Gold Coast

Ko's partnership with NPA Projects provides more opportunities to co-own off-the-plan holiday residences, including exclusive Gold Coast properties

Continue reading

Top Articles

Expert tips on how to be a successful property investor

Property expert and buyer's agent, Lloyd Edge, shares his insights.

Australian commercial property update: Industrial and tourism assets lead the pack in trying times

Commercial assets have faced volatility recently, driven by financing changes and demand fluctuations from institutions and funds.

WA has emerged as a property investment hub, and why that's a good thing

Eastern investors chase Perth's affordability, doubling the distance between home and investment in 2023, reveals MCG research.