Inner city investment snapped up for nearly $37m
- Centuria has sold an A-grade office building in Brisbane’s inner-city suburb of Cannon Hill for $36.95m
- The expressions of interest campaign generated strong demand, resulting in 9 offers
- A total return of 109% was generated for Centuria investors.
Centuria Property Funds Limited (Centuria) has sold 19 Corporate Drive in Cannon Hill, an A-grade office building in Brisbane’s inner city, for $36.95 million following a campaign that generated strong buyer interest.
Completed in 2008, the two-level commercial building comprises 6,028 sqm of A-grade office accommodation strategically positioned six kilometres from the Brisbane CBD in the tightly-held Southgate Corporate Park.
Head of Real Estate and Funds Management, Jason Huljich commented “The property was originally purchased in December 2012 for $23.30 million and the Fund’s investment rationale since commencement was to provide investors with stable, high yielding and diversified income returns from a quality commercial office property situated in one of Brisbane’s most prominent growth corridors.
“The Fund has yielded an average income return to investors of approximately 10.3% p.a. over the six and a half years. This is an excellent result for all investors in the fund.”
The sale was negotiated by Matt Barker, Justin Bond and Christian Sandstrom of Knight Frank, along with Anthony Ott and Peter Chapple of Savills.
Sydney-based syndicator Aviator Capital was the successful buyer. It was Aviator’s third acquisition within the Brisbane market.