Centennial Acquire City Ford Site in Darlinghurst29 January 2020
Centennial Property Group, a boutique private equity funds manager has paid $100m for 75 Crown Street Darlinghurst.
The property, previously known as City Ford, became home to the East Sydney Private Hospital after the Hersch family’s JLAB Golden Investments acquired the building for just $16m in 2011.
The six-storey building with its distinctive art deco heritage-listed facade also contains 22 residential apartments, a Woolworths Supermarket and Wilson Parking station, generating approx $5 million in net income.
The property was originally put up for sale in late 2017 through LJ Hooker Commercial Silverwater with expectations of $100m or more, however that process failed to generate a sale. The current off-market deal was negotiated by JT Allen Real Estate.
Centennial Property Group has completed more than $1 billion of transactions and have reportedly produced an average internal rate of return of 25% across the portfolio of development and investment projects in commercial, industrial and residential sectors. Centennial invest via syndicates into debt or equity positions.