ACTIVE fund manager and developer Centennial has accelerated the start of construction on the final stage of its $120 million Geebung Industrial Park in Brisbane’s inner north, after completing stage one ahead of schedule and securing two new tenants including Queensland timber and building supplies group, Bretts.
Established in 1918, Bretts is one of Queensland’s oldest independent businesses. It will occupy two existing warehouses spanning around 7,200 sqm over 10 years following a deal brokered by Cushman & Wakefield’s Morgan Ruig.
Joining Bretts is global solutions and technology group Rohde & Schwarz, which committed to 2,672 sqm of office and warehouse space in stage one, also on a 10-year term, negotiated by Gibson Leembruggen of JLL.
Stage two completion is expected in the first half of 2025.
Centennial acquired the 6.84-hectare land-rich site in 2022 for $30 million in partnership with global investment house KKR, for its Build to Core Fund.
“Stage one was completed a month ahead of schedule in September, enabling us to ramp up construction of stage two, and capitalise on the continued under-supply in the industrial market for well-located, new or modernised tenancies in Brisbane’s inner northern suburbs,” Centennial’s head of institutional funds, Alex Edwards said.
Centennial last week extended its recent buying spree, snapping up a six-hectare infill site in Melbourne’s eastern suburbs for $44 million where it plans to deliver new industrial estate.
Centennial now purchased four industrial sites in Queensland and Victoria worth in excess of $112 million in just four months, and the company expects to add at least three more assets to its portfolio before the end of the year. Also among the acquisitions are a 5.6-hectare industrial and logistics site anchored by Harvey Norman and Barwon Motors in Brisbane’s bayside suburb of Cleveland, bought for $31.2 million after an oversubscribed capital raising.
Early in the year, Centennial and Parkstone Funds Management acquired Bundaberg’s largest shopping centre for $107 million from the Queensland government’s investment arm, QIC.
