Key worker housing asset collects $45m from Singapore investor
Centurion Corporation Limited has entered the key worker housing market with neighbouring assets in Western Australia’s Pilbara.
Velocity Village (pictured, top), with 186 beds in 93 suites, and the adjoining Velocity Motel & Bistro, with 135 single occupancy rooms and supporting amenities, cost $45 million.
The deal comes seven months since we reported the Singapore developer outlaid $8.8m for a Nedlands, Perth, site with plans for a 19 level student accommodation complex.
Mid last year Centurion acquired the ex-Victorian Police Association headquarters near the top tip of Melbourne’s CBD.
That 1013 square metre plot is earmarked for a 575-bed student accommodation complex.
Centurion boosts specialised living platform
Developed by Kevin Hughes in the Karatha Industrial Estate, the accommodation is considered premium grade (continues below).
The twin keyed two bedroom units are freestanding with kitchen, dining, living and laundry areas.
The recently completed motel and bistro is cyclone shelter rated.
Centurion chief executive officer Kong Chee Min said the group was seeking to deploy capital into assets aligned with its specialised living platform following the September listing of Centurion Accommodation REIT.
The Pilbara region is underpinned by mining, energy and construction, where fly-in-fly-out labour is dominant.
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