Belmont facility sold for $11.2m

ASX-listed Centuria Property Funds has purchased a logistics depot in Belmont for $11.2 million. 

The specialist investment manager announced today it had exchanged contracts to acquire a Belmont facility occupied by Toll Transport, with a weighted average lease expiry of 3.8 years.

The property has a prime location between Perth Airport and the Perth CBD and following an extensive refurbishment in 2013 the property has become the sole facility for Toll Fast in Western Australia, operating as a depot for courier and metropolitan delivery services.

At the purchase price of $11.2 million, the property will deliver an initial yield of 11 per cent.

Centuria trust manager Ross Lees said the organisation had continued to identify attractive investment opportunities in its core markets.

“The acquisition of this property is consistent with our strategy to invest in fit-for-purpose, quality assets in infill locations,” he said.

“Since June 2017, we have agreed to acquire $76.2 million if assets, all 100 per cent occupied.”

The acquisition will increase Centuria’s portfolio to 39 assets with a value of $968.1 million.

At the close of trade Centuria shares were up 0.4 per cent at $2.4 per share.