Centurion buys another key worker accommodation asset
A six level key worker accommodation complex developed in eight days using pre-fabricated modules, has sold for $28.55 million.
Singapore listed Centurion Corp paid $28.55 million for the Concorde South complex at 10 Forrest Circle, South Hedland.
On 5378 square metres it was completed by Hickory in 2014 with 77 apartments – 36 with two bedrooms.
There are also six three-bedroom dwellings. The balance (35) are designed with one.
Fully leased – with it a five year occupancy average of 99 per cent – the complex has been revamped.
When it was listed for sale last August, proposed rent increases would have lifted total gross income about 8pc (continues below).
The estimated replacement cost was put at $50m.
Cygnet West’s Wayne Lawrence with JLL’s Sean Flynn and Nigel Freshwater were the agents.
The deal comes a week since we reported Centurion bought its maiden Australian key worker accommodation asset – at the Karatha Industrial Estate, also in the Pilbara but c220 kilometres west.
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