This article is from the Australian Property Journal archive
SINGAPORE’S Centurion has secured $228.5 million from multiple financial institutions to fund the development of a Macquarie Park purpose-built student accommodation project that will deliver 732 beds.
Its subsidiary, Lachlan Avenue Development (LAD), owns the site at 17-21 Lachlan Avenue and 163 Herring Road on Sydney’s Lower North Shore, close to Macquarie University which has more than 44,000 students.
Construction started this year on the project and expected to be completed in December 2025.
Upon completion it will be operated under the Centurion’s dwell student accommodation brand and management platform.
Meanwhile, a Centurion subsidiary has taken out a slice of LAD. Following completion of the share subscription deal, totalling $2.5 million, Centurion Overseas Investments will own 25% of LAD and 75% will be retained by Centurion Properties Australia Investments Pty Ltd.
Corporate guarantees in relation to the development project will tally $31.78 million and proportionate shareholder loans to LAD of $9.54 million.
The Lachlan Avenue site has an indicative independent valuation of $73.1 million when carried out by LAD in March.
