Centuria Capital Group divests three-level campus style office building at Strathpine for $55m

ASX-listed Centuria has sold Super Retail Group’s headquarters north of Brisbane which it developed six years ago.

Super Retail Group’s headquarters which Cenuria sold for $55.5m.

Australasian real estate fund manager Centuria Capital Group has sold a three-level campus style office building north of Brisbane which it developed six years ago.

Sysney-based investment company Sandran Property Group paid $55.5m for the A-grade building at 6 Coulthards Ave, Strathpine, which was the purpose-built headquarters for ASX-listed Super Retail Group.

The sale realised 14 per cent initial rate of return for investors of a single-asset wholesale fund.

Centuria head of funds management Jesse Curtis the Trust was established in mid-2017 and they were proud to have delivered a strong return for our investors throughout the eight-year period.

“Looking more closely at the office sector in general, we have begun to see a turning point, which signals improving medium-term tailwinds driven by increasing adoption of office-centric work mandates, population growth underpinning a larger white-collar workforce, and limited new office developments tapering future supply,” he said.

“We believe these factors point to strong future tenant demand and shifting investment sentiment towards the office sector.”

The 2.85ha Strathpine site comprises the A-grade SRG House which has 7272 sqm of lettable area and 611 at-grade car bays. It also includes 6184 sqm of developable land. Super Retail Group has 10 years remaining on its lease.

Super Retail Group’s headquarters which Cenuria sold for $55.5m.

Knight Frank’s Matt Barker, Blake Goddard and Justin Bond, and JLL’s Seb Turnbull and Elliott O’Shea struck the deal.

Mr Barker said the sale campaign attracted more than 70 inquiries resulting in seven offers, with interest coming from investors located both locally in Brisbane, as well as interstate and internationally.

“This property is arguably one of the best office assets within the Moreton Bay region,” he said. “In the current market investors are looking for assets of this calibre, with secure returns and the opportunity for growth in the future, with this location being a strong performing suburban growth corridor with excellent infrastructure and amenity, including transport connections.”

Mr O’Shea said SRG House was a best-in-class suburban trophy asset, with the added bonus of further development upside.

“It occupies a central position adjacent to the Strathpine Centre, lending itself to an array of potential development outcomes under the Strathpine Centre zoning.

Originally published as Centuria Capital Group divests three-level campus style office building at Strathpine for $55m