Colliers has sold a DC in Barnawartha North for $10.6 million to Ascot Capital subject to a 12-year triple net sale and leaseback to the ASX-listed company Wine Depot.
The 10 Albertson Road property was sold to the WA-based property developer by Colliers’ Sean Thomson, Gavin Bishop and Nick Saunders via an On-Market Expressions of Interest campaign.
The 12-year triple net leaseback allows for plans to be approved to extend the property and add a warehouse to it.
The DC was built in 2005 and comprises a building area of 7252 sqm, situated on a 40,200 sqm land holding. The gross lettable area can be increased to 18,022 sqm if the current facility is expanded and an adjacent building is constructed.
“We are delighted to be forming a long-term partnership with Wine Depot,” Greg King, Ascot Capital’s Director says. “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 of Industrial Capital Markets Australia at Colliers says “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.”
He also expects 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 over fulfilment times and inventory loss,” Sean adds.
“This asset is critical for Wine Depot’s operational supply chain as 85 per cent 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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