@noomxx,
Do you feel the industrial portfolio is too heavily skewed to one client (Woolworths) across just three properties (about 40% of the industrial portfolio value)?
Not sure about the SA and WA DCs, but the Qld one was build around 2006, so hardly likely to be cutting edge. (WOW opened what they call a ‘state of the art’ cold goods DC at Heathwood in 2022 and Coles opened what they also call a state of the art automated DC in Redbank, not that many kilometres away.
Just see a potential lease renewal issue if Woolworths also decide they need more ‘state of the art’ DCs in their future (noting the lease expiries ar spread out, with an ave WOW WALE of 6.1 years, but the first of these lease expiries coming up in less than two years).
Interested in your always well considered thoughts….
Ann: GOZ 1H24 Presentation, page-10
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