A pair of freestanding, A-Grade office buildings within the Monash Office and Technology Precinct of Mulgrave in Victoria have been sold to Centuria for $27.8 million.

Comprising a total site area of 8,334 square metres, 13-15 Compark Circuit marks the fourth direct acquisition for the company's Diversified Property Fund, with settlement expected early next year.

The property is a 100 per cent-leased suburban office asset with a 4.0-star NABERS energy rating and a 3.3-year WALE underpinned by a strong tenant mix with multiple long-term tenants. 

At a glance: 

• Centuria’s Diversified Property Fund acquires 13-15 Compark Circuit, Mulgrave Victoria for $27.8 million.
• The purchase is the fourth direct real estate acquisition of the Fund, with settlement anticipated early 2020.
• The property comprises two freestanding, A-Grade quality office buildings with a total site area of 8,334 square metres with a combination of on-grade and basement car parking totalling 226 spaces.

Commenting on the purchase, Doug Hoskins, Fund Manager of the Centuria Diversified Property Fund said the asset served to broaden the geographic and asset diversification for the Fund and its investors.

"Commercial real estate remains an attractive opportunity and we believe this acquisition is well positioned to retain and attract the long-term quality tenants that contribute to sustainable income streams," he said.

The Monash precinct contributes AUD $9.4 billion to the Victorian economy each year, supports more than 13,000 businesses and employs more than 82,000 people. 

The location also offers excellent connectivity to the Princes Highway, Monash Freeway and Eastlink – the major arterial roads connecting South East Melbourne.

Centuria’s joint CEO Jason Huljich the fourth acquisition for CDPF closely aligned with the Fund’s strategy to increase its balance of direct property exposure.

"CDPF aims to offer direct property investment with a minimum investment of only $10,000," he said.

"The Fund is open-ended, offers limited monthly liquidity, and sits on a number of platforms, so it is easy for advisers and investors to access.”

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