Centuria Capital Group has sold a refurbished office building in Sydney and a childcare centre on the Gold Coast, achieving above book value premiums.
The Belltower, located at 6 Cornwallis Street, South Eveleigh in Sydney, was sold for $18.25 million, a 14% premium over its prior book value.
Meanwhile, the childcare centre, located at 60 Investigator Drive, Robina QLD, was sold for $8.8 million, a 4.7% premium to book value and a 21% premium to its 2020 purchase price.
Private investors bought both assets, reflecting strong demand for well-located commercial real estate that benefits from urban regeneration and proximity to housing, schools, and universities.
The Sydney office building spans 1,148 square meters and was recently renovated, with the sale completed with a vacant position.
Constructed in 1887, The Belltower was originally part of the Eveleigh Locomotive Workshop’s Manager Office, and in the early 2000s, it became part of a wider regeneration masterplan that transformed the area into a technology precinct.
60 Investigator Drive, Robina
The precinct is currently occupied by a range of organizations, including the Commonwealth Bank, Channel 7, and Cicada Innovations.
The University of Sydney’s Institute of Agriculture and School of Life and Environmental Sciences are also located in the area.
The Papilio Early Learning and Kindergarten-operated childcare centre is currently fully occupied on a net lease term, with CPI-linked positive rent reviews, providing a 12.8-year WALE.
The property is part of the southwest Gold Coast’s desirable school catchment, situated just 80 meters from the Robina State High School and in proximity to other private and public schools.
“Centuria has a long-held investment strategy to secure well-positioned commercial real estate where value-add initiatives can be implemented to capitalize on excellent community infrastructure, public transport, and road arterials,” said Ross Lees, Centuria Head of Funds Management.
“These assets lend themselves to the work-live-play rhetoric, which we believe was appealing to their new owners,” said Lees.
The Belltower was originally acquired by Centuria’s unlisted, closed-ended Australian Technology Park Fund in April 2016 for $3.3 million.
The Robina childcare center was part of the Centuria Diversified Property Fund.
Knight Frank’s Jonathan Vaughan and Tim Holtsbaum and Karbon Property Josh Watts and James McCourt were the appointed sales agents for The Belltower, while Burgess Rawson’s Natalie Couper was the auctioneer for the Robina childcare.
