Centennial Picks Up Lendlease Brisbane Site

Lendlease has offloaded a Brisbane logistics site for $18.5 million as it continues to divest assets. Centennial Property acquired the last-mile logistics infill site at 50-80 Manton Street, Morningside, 5km east of the CBD on the River City ’s southside . The 3.46ha site is in the Australia TradeCoast economic precinct and has been added to Centennial’s $700m Enhanced Value Partnership Fund with Brookfield. “The EVP fund’s mandate, now comprising 12 assets with the inclusion of Morningside, typically targets mid-size estates and buildings located in core inner-ring and land constrained regions and valued between $10 to $75m upon stabilisation,” Centennial’s property funds head, David Cupit, said. “Morningside is a well-established industrial suburb and highly sought after based on its direct proximity to major road, rail, airport networks and Brisbane CBD.” Centennial plans to develop a multi-unit industrial estate with 17,000 gross floor area across four buildings and an estimated end value of $78 million. The DA-approved estate will have 12 small to mid-size tenancies. Lendlease executive director for development in Queensland Justin Davies told The Urban Developer the sale “of the third and final site at Morningside is consistent with our strategy to recycle capital”. The Australian-based multi-national construction and real estate company undertook a similar strategy with its US and UK arms in 2024 . The sale means Centennial now owns nine assets in the Australia TradeCoast precinct, which has a 0.6 per cent vacancy rate for sites of more than 3000 square metres. ▲ Vacancies continue under 1 per cent as rental growth rises in Brisbane ’ s Australia TradeCoast precinct. “The Australia TradeCoast (ATC) submarket has some of the lowest available supply of both development and confirmed redevelopment stock for industrial land in Brisbane with 2.4 per cent vacancy rates across the ATC, with supply of mid-sized stock sitting even lower at around 0.6 per cent,” Cupit said. Cushman and Wakefield’s Gary Hyland and Owen Byles brokered the deal. “As a genuine last-mile location close to Brisbane’s CBD, there are very few freehold sites of this scale available,” Hyland said. “Strong rental growth is being realised in the immediate precinct which is in excess of 11 per cent over the past 12 months, compared to the national average growth of 6.6 per cent over the same period.” Centennial hopes to begin construction immediately to complete the project by December of this year to take advantage of predicted rental growth. “Developable land in Morningside is scarce so we expect there to be continued upward pressure on rents with new, institutional-grade stock being well placed to command premium rents,” Cupit said. Future tenants are also likely to benefit from nearby development projects such as Bulimba Barracks, which will create 850 homes and retail spaces in the immediate area. The Australia TradeCoast precinct is the second largest employment zone in Queensland after the Brisbane CBD. Centennial now has 84 assets in total with more than $2.4 billion under management after the addition of the TradeCoast Connect site. ▲ A render of the proposed green ammonia plant on the Gibson Island site. Brisbane River island site comes to market Also in Brisbane, Incitec Pivot Limited has put its Gibson Island holding on the block, ending its plans to build a green ammonia plant on the site. The ASX-listed explosives and fertilisers group’s site on the Brisbane River island near its mouth has been labelled the largest industrial land and deepwater wharf site for sale on Australia’s east coast. Colliers is handling the sale of the 57ha industrial site that has more than a kilometre of river frontage. Speculation puts a sale price in the neighbourhood of $250 million. In 2021, Incitec Pivot Limited announced it would cease manufacturing at the plant at the end of December, 2022 after the company was unable to secure an affordable long-term gas supply from Australian gas producers. IPL ceased making urea at Gibson Island in 2023, instead using the site to distribute product to the Queensland and northern NSW markets. It was also working with Fortescue Future Industries to create a plant to decarbonise ammonia production using green hydrogen generated from renewable energy sources such as wind and solar power. According to its website, the Gibson Island Works “has been operating since 1969 and primarily manufactures nitrogen-based fertiliser products”. “These products include ammonia, urea, ammonium sulphate and carbon dioxide using natural gas as the principal site feedstock. “The site is a significant employer with more than 400 staff during normal operations. This can increase to up to 800 during peak maintenance periods.”

Marisa Wikramanayake AND Lindsay Saunders
Thu 30 Jan 25

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