Centuria quits Adelaide office
Centuria has sold another office, this time in Adelaide.
The five level ex-ANR headquarters on 1.93 hectares at 1-25 Richmond Road in Keswick, fetched $38.25 million from another asset manager, Leyton Funds.
The result reflects a circa four per cent drop on the (c$39.8m) December, 2023, book value.
Twelve months earlier, it was valued at $44.5m; fully leased with a 3.3 year weighted average lease expiry, that appraisal assumed a 6.75pc capitalisation rate.
Keswick is nearly four kilometres south west of Adelaide’s CBD.
Development upside
Developed in 1985, 1-25 Richmond Rd contains 8806 square metres of lettable area, last refurbished in 2011.
Key occupiers include SA Power Networks, Royal District Nursing Service and Services SA (story continues below).
The holding is also designed with a 326-bay open-air car park – an 8590 sqm piece which Centuria, months after purchasing it for $25.4m in 2014, said it could carve off and sell down.
The asset was initially held by the Metropolitan Fund later moving to the Office Fund.
Last month we reported the manager divested two more offices, in Canberra and Maroochydore, for a total $53.8m – respective losses on 2019 and 2021 purchase prices – on behalf of the Diversified Property Fund.
In May, Centuria sold an inner-city Sydney office for $103m, short of recent book value.
That asset, in South Eveleigh, was held by the ATP (or Australian Technology Park) Fund.
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