Centuria sells Brisbane office to Aviator Capital for $36.95 million

Centuria Capital has sold a suburban Brisbane office for $36.95 million.

The deal, to Sydney-based syndicate Aviator Capital, delivers a strong capital gain for the vendor which paid $23.3 million for it in 2012.

Aviator already owns two Brisbane offices: 240 Waterworks Road, Ashgrove and 77 Hudson Road, Albion.

Its latest purchase – 19 Corporate Drive, is within the Southgate Corporate Park in Cannon Hill, about five kilometres east of the city.

Honeywell, NBN Co and the Queensland government occupy the A-grade office.

The 11-year old A-grade double-storey building contains 6028 square metres of lettable area and 147 car parks. It occupies a 5246 square metre site connected to the Cannon Hill train station and bus services along Wynnum Road.

Tenants include Honeywell, NBN Co and the Queensland government.

Centuria was represented by Knight Frank’s Matt Barker, Justin Bond and Christian Sandstrom with Savills Anthony Ott and Peter Chapple.

Elsewhere in Brisbane, Centuria owns 825 Anna Street and 100 Brookes Street, both in Fortitude Valley.

Last week, we reported that a twin-tower Sydney office complex Centuria co-owned with Blackrock, the Zenith Centre at 821 Pacific Highway, Chatswood, sold for $438.2 million.

This deal, to US fund manager Starwood Capital and the local Arrow Capital Partners, is the country’s biggest non-CBD office sale.

An aerial image showing the building and the Brisbane CBD, five kilometres away.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.