Allendale Square Fund

Allendale Square Fund – open for investment

Allendale Square Fund is an unlisted commercial property investment fund offered exclusively to wholesale investors.

Property and location

Allendale Square at 77 St Georges Terrace holds an exceptional prime corner address, and has been positively re-rated due to the Elizabeth Quay precinct development. The property has convenient connectivity to Perth’s trains, buses and ferries.

The property has been purchased below replacement value, benefiting from a recent $62m capex program4. The building has column free floor plates, natural light and extensive views across the Swan River.

Fund highlights

  • Bought below replacement value. Building benefits from a recent $62 million capex program4
  • Exceptional prime corner St Georges Terrace address, positively re-rated due to Elizabeth Quay precinct development
  • Column free floor plates, natural light and extensive views across the Swan River
  • Convenient connectivity to Perth’s trains, buses and ferries
  • 88% occupied
  • WALE of 5.4 years3
  • Immediate leasing opportunities to capture demand from quality tenants
  • Strong ESG credentials with a 4-star NABERS energy rating
  • Proven Perth-based investment manager with on the ground expertise
  • Asset acquired 50/50 with strategic joint venture partner MA Financial Group.




This EDM has been prepared by Primewest Management Ltd (ABN 63 091 415 833, AFSL 25 09 63) (Primewest) the trustee for the Allendale Square Fund (the Fund). Primewest is part of the ASX-200 listed Centuria Capital Group (ASX:CNI)(Centuria). The Fund is open to wholesale investors only. Centuria / Primewest will require certification of your wholesale status prior to investment. A copy of the Information Memorandum (IM) is expected to be available on or around 26 September 2022 at:

1. Distributions will be paid if declared by Primewest Management Ltd and will be subject to the terms set out in the Information Memorandum, expected on or around 26 September 2022.
2. Modelled IRR applying assumptions including terminal cap rates for the property. The modelled IRR is subject to due diligence and will be finalised in the Information Memorandum (IM). This modelled return is not a forecast and is provided for the information of investors only. The modelled IRR is net of fees, pre-taxed and based on Centuria’s acquisition modelling but is highly contingent on the key future assumptions, which are not contracted or certain. Refer to the IM for further information, including cap rate sensitivities that illustrate the impact on the IRR of changes in the value of the property. No guarantee is made that the modelled IRR, or any of the assumptions and variables used to calculate the IRR, will be achieved and the actual IRR may differ materially from the modelled IRR.
3. The approximate weighted average lease expiry (by gross income) including Vendor Rental Guarantees as at 31 March 2023.
4. Capex program conducted from 2016.


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^ The Core Property rating (assigned in October 2022) presented in this document has been prepared and issued by Core Property Research Pty Ltd (“Core Property”), which is an Authorised Representative ASIC number 1280479 of Core Property Research Holdings Pty Ltd (ACN 633 170 751, AFS License No. 518320) (Licensee), and trading as Core Property. Whilst the information contained in the report has been prepared with all reasonable care from sources that Core Property believes are reliable, no responsibility or liability is accepted by Core Property for any errors, omissions or misstatements however caused. Past performance information is for illustrative purposes only and is not indicative of future performance. The Core Property publication is not and should not be construed as, an offer to sell or the solicitation of an offer to purchase or subscribe for any investment. Any opinion contained in the Report is unsolicited general information only. Neither Core Property nor the Participant is aware that any recipient intends to rely on this Report or of the manner in which a recipient intends to use it. To access the full report, please visit The rating is subject to change without notice and Core Property assumes no obligation to update the report.

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