Centuria has sold an historic inner city Sydney office and a Gold Coast childcare centre for a premium to book value.
The properties – The Belltower at 2 Cornwallis Street, Redfern, and 60 Investigator Drive, Robina – were held by unlisted trusts.
Both traded to investors – all up for $27.05m.
The deals comes a month since the fund manager outlaid a speculated $76m for a hydroponic tomato growing facility at Guyra, in the New South Wales Northern Tablelands – its third major glasshouse investment since late 2021.
Those assets are being held by the Centuria Agricultural Fund.
Centuria has also in recent years formed partnerships with Morgan Stanley to buy local healthcare and industrial product.
The Belltower sold for $18.25m or 14pc over book value.
Centuria outlaid $3.3m for the 1148 square metre double storey building in 2016 then renovated.
It was offered vacant.
“The Belltower was…constructed in 1887 as part of the Eveleigh Locomotive Workshop’s manager office, with the bell signaling the beginning and end of the railyard working day,” the vendor said.
“In the early 2000s, it formed part of a wider regeneration masterplan, transforming the area into a technology precinct that is now occupied by the…Channel 7, CSIRO, Data61, Cicada Innovations and the University of Sydney’s Institute of Agriculture and School of Life and Environmental Sciences,” it added.
The Commonwealth Bank of Australia also occupies a prominent office in the precinct – dubbed the groundscraper, it is effectively a campus style building, with 55,000 sqm over six floors (story continues below).
Centuria held The Belltower in the closed ended Australian Technology Park fund which still holds two assets.
“Since inception in April, 2016, ATP has provided a 238pc total return,” the fund manager said.
Knight Frank’s Jonathan Vaughan and Tim Holtsbaum with Karbon Property’s Josh Watts and James McCourt were the agents.
Another Primewest asset sold
Meanwhile, a renovated Robina childcare investment Centuria acquired as part of its 2021 takeover of Primewest, has sold for $8.8m.
The result for the 122-place complex near Robina Hospital, Robina Town Centre’s retail and leisure precinct and Robina High School, reflects a 21pc premium on the ($7.25m) price Primewest paid in November, 2020.
It is also 4.7pc over book value.
Centuria held this investment in the open ended unlisted Diversified Property Fund which as well as real estate, retains equities, cash or cash like products.
The property was marketed for its long lease expiry (12.8 years) and term – which will see the tenant, Oxanda Education, pay rent rises linked to CPI.
The disposal comes 10 months since the fund manager sold five small shopping centres also obtained from Primewest to SCA Property Group for c$180m – a 24.1pc premium to book value.
Burgess Rawson’s Natalie Couper brokered the Robina deal.
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