Centuria are the next to put their hands on an Adelaide office tower with the acquisition of 80 Flinders Street from Lend Lease and SGIC.
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A new Centuria wholesale fund will acquire the A Grade building for $127m on a passing yield of 6.1%. Completed in 2006 and comprehensively refurbished in 2019, the 12,154sqm office is 100% leased to leading tenants, including BAE Systems, IAG and Beach Energy, providing a WALE of 4.78 years and generating approx $7.74m in net rent.
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The building is located on a 4,387sqm site with a substantial multi-deck car park, consisting of 694 spaces accessed via Wyatt Street. The asset was acquired by Lend Leases' APPF fund in 2014 as part of a 4 building portfolio it acquired from German real estate fund SachsenFonds for $175m.
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The Centuria purchase takes the total office sales in Adelaide this year to over $500m, following SunTech acquisition of 55 Currie Street last week, Soilbuild's acquisition of 25 Grenfell Street earlier in July and Charter Halls acquisition of 121 King Street in May.
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Knight Frank and CBRE handled the sale for Lend Lease.
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