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Centuria Diversified Pays $27.8m for Mulgrave Building

The Centuria Diversified Fund has acquired two low rise buildings in Mulgrave for $27.8m.

The buildings, at 13-15 Compark Cicuit, were originally developed by Leightons in 2006 and comprise two modern office buildings totalling 5,851sqm over two levels.

The buildings were sold with leases to US based fire and security provider Tyco Australia, residential homebuilder Carter Grange (ground level) and multinational personal care products business PZ Cussons.

Based on the annual net rental return ($1,7373,848), the sale reflected a 6.25% passing yield.

The sale was managed by Knight Frank and Dawkins Occhuito.