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Centuria sells in Cannon Hill

June 14, 2019

 

Centuria has sold an A-grade office building in Cannon Hill for $36.95 million, reflecting a yield of 6.75%.

 

The two-storey commercial building at 19 Corporate Drive sits on a 5,246sqm site which has good access to the Cannon Hill train station and local arterial roads. The building was constructed in 2008 and has a net lettable area of 6,028 sqm and on-site parking for 145 cars. The building is fully leased to Honeywell, NBN Co and the Queensland Government.

 

Centruia acquired the asset for a wholesale fund in 2012 for $23.3M on an initial yield of 10.8%. The group raised $15.7M for the acquisition and following this sale will have delivered an IRR of circa 18% to investors over the 6.5 year holding period (before performance fees and tax).

 

The asset was acquired by Aviator Capital, a Sydney based fund management company.

 

The sale was negotiated by Knight Frank and Savills.

 

Location Plan:

 

 

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