Centuria sells Melbourne shed held two years
Centuria has sold a west Melbourne warehouse bought in mid-2023 for a Starwood Capital Group mandate.
Despite being tenanted then and vacant now, the Sunshine West property, 81-83 Strzelecki Avenue, sold for a premium – $10.8 million.
The result reflects a 13 per cent internal rate of return.
Centuria paid $8.1m.
The on sale was negotiated in the third quarter, last year.
Settlement occurred mid-January.
JLL’s Jack Kelliher, Robert Di Natale, Michael Rose and Luke Dunstan were the agents (continues below).
Sunshine West windfall
Centuria offered the Sunshine West asset last May, then with two left to run on a lease.
On 8104 square metres zoned Industrial 2, with a 4136 sqm improvement with full drive around access, it was earning annual rent $403,142 or $97 per sqm.
Market rent however, was put at $703,120 ($170 per sqm, pa).
The incoming purchaser, a private investor, is now offering the property for lease.
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