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Centuria sells Sydney fringe office for $103m, delivering investors significant returns


Centuria Capital Group has sold an office building in Sydney’s South Eveleigh for $103 million, representing a 150% increase in value since acquiring the property for $40 million in 2016.

Known as the Biomed Building, 1 Central Avenue was originally purchased as part of a three-asset portfolio for Centuria’s unlisted ATP Fund. The portfolio, acquired for $104 million, has now seen two assets divested for a collective $121.25 million.

Centuria Head of Funds Management Jesse Curtis said the company was one of the first institutions to invest in South Eveleigh, allowing the fund’s investors to benefit from the precinct’s subsequent regeneration.

“As one of the first institutions to support the precinct, our investors have since benefitted from significant social and commercial infrastructure in the area,” Mr Curtis said.

“Its fringe market location has developed into a thriving hub for large and medium-sized businesses, providing easy commutability and lifestyle amenities.”

The 7,716 square metre office building, constructed in 1998, has an occupancy rate of 97.1% and a weighted average lease expiry of 6.6 years. The University of Sydney is the anchor tenant.

Centuria ATP Fund investors have already received an early capital return of $0.47 per unit in February 2020, and the sale of another asset, “The Belltower”, for $18.25 million in May 2023 – a 450% increase on its $3.3 million purchase price.


With 1 Central Avenue sold and one asset remaining, the Data61/CSIRO Building, investors are forecast to receive a total return exceeding 300% and an IRR of 22% since the fund’s inception if the final property is sold at or above its current book value. To date, the fund has delivered an average distribution yield of 15% per annum.

The off-market sale was negotiated by Rebus Property’s Scott Timbrell, with the unnamed purchaser advised by Kurraba Group. Settlement is expected in August 2024.

The deal highlights ongoing demand for metropolitan office assets around the $100 million mark, despite a more challenging economic environment.

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