Centuria next in line for Adelaide Tower22 July 2019
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.
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.
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.
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.
Knight Frank and CBRE handled the sale for Lend Lease.