Centuria Triples Down in Brisbane Logistics Play

Centuria Capital has filed plans for a sprawling multi-warehouse complex within a big brand logistics and distribution hub in Brisbane’s south-west.

The proposal designed by Cottee Parker Architects is earmarked for a 3.1ha site at 616 Boundary Road, Richlands.

Occupied by a 13,763sq m warehouse, it was acquired off-market by the Sydney-based fund manager in 2018 for $15.9 million in a three-year leaseback deal with logistics group Border Express.

Under the redevelopment plans, the existing facility would be replaced with a trio of office-warehouse buildings with a total of 16,718sq m under roof.

“The proposal has been carefully considered in relation to the surrounding established development, comprising predominantly of industrial retailers and warehouses,” a planning assessment report said.

“As such, the proposed warehouses capitalise on the already strong industrial presence in the area, by providing the opportunity for three tenants to occupy and operate, maximising the industrial capacity of the site.

“The proposed development is considerate to the existing site conditions and surrounding environment and will revitalise an underutilised site to deliver valuable industrial opportunities consistent with the local and state planning framework.”

Surrounding occupiers within the prime Richlands East industrial precinct include Coca-Cola and Target.

Centuria’s three proposed warehouses would each rise slightly more than 14m and provide gross floor areas of 6713sq m, 6097sq m and 3908sq m respectively.

▲ Renders of Centuria Capital’s proposed proposed multi-warehouse complex at Richlands.

“The proposed warehouses are of a high-quality design and construction standard and will positively contribute to the high standard character of surrounding industrial development,” the planning documents said.

Additionally, the proposal facilitates “the generation of local employment opportunities” during construction and operational phases.

Onsite parking for up to 116 vehicles is included in the plans and access to the complex—which is close to the Ipswich Motorway and Richlands train station— would be provided from Boundary and Archerfield roads.

The proposal has been designed to accommodate the largest vehicles capable of servicing the site—26m B-double semi-trailers and 19m articulated vehicles.

Centuria recorded an operating profit after tax for the 2022-23 fiscal year of $115.6 million.

It has a total of $21 billion in assets under management across office, industrial and retail platforms and has been strategically expanding into the alternative sectors of real estate finance, healthcare and agriculture.