Centuria to build Adelaide CBD office

The office will replace a car park beside 80 Flinders Street.

Centuria will develop a $40 million office on an open-air car park beside an Adelaide CBD commercial investment it picked up two years ago.

The proposed six-storey, 4600 square metre complex, to be known as 57-61 Wyatt Street, is 55 per cent pre-committed – to engineering firm Wallbridge Gilbert Aztec, construction group Hindmarsh, and an architect.

Designed with Juliette balconies, a rooftop garden (artist’s impression, top), and retail, it is due for completion late next year.

The land forms part of an asset, 80 Flinders St, which Centuria picked up from Lendlease and SGIC for $127m.

An eight-level, 12,154 sqm office developed in 2006, covers most of the 1.1 acre block.

57-61 Wyatt Street

Centuria joint chief executive officer Jason Huljich said the group’s South Australian portfolio includes five offices, 10 warehouses, three daily needs retail centres, agriculture, childcare and healthcare investments (story continues below).

“With more than $750m of assets…this would make Centuria one of the largest landlords in the state,” he added.

“Adelaide’s market benefits from strong tenant demand across government, national and multinational organisations and this high-quality tenant profile aligns with Centuria’s office leasing and development strategies”.

Last week, we reported Centuria outlaid $62.75 for 21-25 Nile St, Port Adelaide.

In July the group snapped up a $38.25m Direk warehouse on a funds through basis.

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Marc Pallisco

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