This article is from the Australian Property Journal archive
CENTURIA Property Funds has snapped up a new Sydney Olympic Park office building, accelerating its total funds under management to $1 billion.
Centuria has bought the property at 8 Australia Avenue, Sydney Olympic Park for $30.15 million from Watpac. The property will be held by a new single asset unlisted property fund – The Centuria 8 Australia Avenue Fund.
The newly constructed five level commercial building comprises 6,610 sqm of space and is 100% leased to a mix of tenants, including Fujitsu, The Sydney Olympic Park Authority and Watpac.
The acquisition follows Centuria’s recent purchase of 200 Creek St Brisbane last month for $37.7 million.
Centuria CEO John McBain said this is a significant milestone.
“Property funds management will be a major growth area for the group, with the aim to treble the amount of funds under management by 2013 through both organic growth and fund acquisitions.” he added.
“The Centuria 8 Australia Avenue Fund is our fourth investment in the Sydney Olympic Park precinct and will offer investors a brand new building with a secure income profile. The building is ideally located next to the train station and the CBA campus,” Centuria Property Funds CEO Jason Huljich said.
“Centuria has considerable experience in the Sydney Olympic Park precinct. It has completed two funds, which returned an average total return of 19% and 21% per annum respectively. A Centuria fund also owns 100 Bennelong Rd in Sydney Olympic Park which continues to perform strongly for investors.” he added.
Watpac’s managing director Greg Kempton said the sale is also a milestone for the company, which has delivered on its target of reaching $100 million of property asset sales.
“This is another sign of the strength and resilience of our company, and indicates the market has confidence in the quality of our developments,” Kempton concluded.
The sale was handled by Jason Wright of GJS Properties and John McCann and Vince Kernahan of Colliers International.
Australian Property Journal
