Amidst increasing attention in the industrial sector, Charter Hall is looking to acquire the Crestmead Distribution Centre in Queensland. The property is occupied by Metcash as a key distribution facility for South East Queensland. Charter Hall is looking to acquire the site from Blackstone for $183.6M and is expected to place it in the Charter Hall Prime Industrial Fund (CPIF). The proposed acquisition will reflect a 5.15% passing yield and continues Charter Hall’s string of recent acquisitions in the industrial sector. The property was originally developed by Goodman Group, with Blackstone acquiring the asset in 2006 for $126M.
Located on 105-137 Magnesium Drive in Crestmead QLD near the Logan Motorway the property is the main logistics precinct in South-East Queensland. The 21ha site is leased to Metcash across three buildings with GLA of 89,254sqm on 10-year lease supported by 3% annual fixed rent reviews. Additionally, there is potential value to be generated due to the surplus land of 11,000 sqm.