Centuria Portfolio Nearly Filled
By Ben Wilmot
As published in The Australian on 7 October 2016
The listed Centuria Metropolitan has almost filled up its portfolio by striking a series of leasing deals in Canberra and Sydney. The trust, overseen by Centuria’s head of listed property Nick Collishaw, is also pushing ahead with planning a major mixed use project in the northwestern Sydney suburb of Epping. The trust owns a tower that could be combined with an adjacent Coles-anchored supermarket and a council park to form the basis of a mixed-use development.
Trust manager Nicholas Blake said council was receptive to the scheme but emphasised the fund would not undertake the project itself, and would instead look to exit its holding once a masterplan was approved.
The area has seen a surge in development.
The Lyon Group and the Winten Property Group, which own sites opposite the Centuria building, this week unveiled plans to build two towers in the centre of Epping with about 700 residential units.
The Centuria trust’s portfolio occupancy has topped 98 per cent after it struck nine lease deals spanning 2234sq m, cutting expiries this financial year to less than 8 per cent. Most activity has been in its recently acquired Canberra assets, where 60 Marcus Clarke Street is now 96.5 per cent occupied and the neighbouring 54 Marcus Clarke Street is at 87.9 per cent.
Strong demand for quality space and falling vacancy rates in metropolitan markets have resulted in it putting up “full house” signs at its buildings in Chatswood, Artarmon and Epping to Sydney’s north. “As a result of changing work trends and technological advancement, demand for good quality space located close to residential communities is as high if not higher than in Australia’s CBDs,” Mr. Blake said.