Image – The Property Tribune.
  • The site is currently a car park and 'redundant' two story building
  • More than half the building has been pre-leased
  • Building to complement Adelaide laneway culture

More Adelaide offices for Centuria Capital Group (ASX: CNI) as the company announces another office in the city of churches.

Last week, CNI acquired an A-grade Port Adelaide office building for $62.75 million.

Located in the heart of Port Adelaide’s urban regeneration precinct, the property will be part of a new single-asset close-ended, unlisted real estate fund, Centuria Government Income Property Fund No. 2.

Centuria_21-25 Nile Street, Port Adelaide_2
21-25 Nile Street, Port Adelaide. Image: Supplied.

Completely occupied by the South Australian state government, including 94% Shared Services SA, and 6% Urban Renewal Authority, the property is located at 21-25 Nile Street, and has an 11.1 year WALE and fixed annual rent reviews of circa 3% per annum.

Centuria_21-25 Nile Street, Port Adelaide
21-25 Nile Street, Port Adelaide. Image: Supplied.

The news

Centuria has announced it will develop an A-grade boutique office building in Adelaide’s CBD. The circa $40 million development will include 4,600 square metres, and already has pre-leasing commitments from an international engineering firm, Wallbridge Gilbert Aztec (WGA), national property and construction firm, Hindmarsh, and a national architectural firm, which total 55% of the building’s Net Lettable Area.

Set over six storeys, the building will include Juliette balconies, a rooftop garden and amenities, end of trip facilities, retail space with street parking, and direct access to secure parking.

Located at 57-61 Wyatt street, Centuria said the site is currently an underdeveloped on-grade car park and redundant two-storey building, which adjoins the Centuria-managed 80 Flinders Street office building and car park.

Centuria has also secured development approval, “… with strong support from the City of Adelaide to revitalise the precinct’s public spaces.”

“This off-market opportunity adds to our existing landholdings within South Australia where we currently own five office buildings, 10 industrial facilities, three daily needs retail centres as well as agriculture, childcare and healthcare properties,” said Centuria Joint CEO, Jason Hulich.

“With more than $750 million of assets in South Australia, this would make Centuria one of the largest landlords in the State.”

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