Centuria Capital Group (Centuria) has announced the acquisition of 381 Macarthur Avenue, Northshore Hamilton, Queensland  for $19.74 million through the Sydney-based Centuria Diversified Property Fund.

The new-build office is the fund’s first direct property acquisition, with settlement expected by the end of this month.

Comprising  2,847 square metres, the property has a  has a 5.1-year weighted average lease expiry and will generate an initial yield of 7%.

At a glance: 

• 381 Macarthur Avenue, Northshore Hamilton, Queensland has been acquired by Sydney-based Centuria Diversified Property Fund for $19.74 million.
• The property has a  has a 5.1-year weighted average lease expiry and will generate an initial yield of 7%.
• Centuria’s Metropolitan REIT owns a nearby property at 483 Kingsford Smith Drive.

Centuria’s Head of Real Estate and Funds Management, Jason Huljich, said the acquisition was in line with the fund’s strategy.

“We have always intended to acquire direct assets for the fund, and 381 Macarthur Avenue is a high-quality, well-located asset with financially strong tenants,” he said.

Northshore is Queensland's largest waterfront urban renewal precinct and comes from the transformation of 60 hectares of state-owned industrial port land into a  $5 billion mixed-use destination.

Centuria’s Metropolitan REIT owns a nearby property at 483 Kingsford Smith Drive.

Selling agent Sam Biggins of Colliers said BTP Northshore has attracted national and multi-national occupiers seeking high-quality urban accommodation within a near-city, mixed-use precinct. 

"This investment by Centuria is an endorsement of the institutional quality of office assets being delivered in Hamilton BTP and a sign of faith in the rising Brisbane metropolitan office market," he said.

The next phase of commercial development at Northshore will feature an additional 16,000 square metres over four office developments, plus plans for an integrated health and medical precinct to be delivered directly across the street from 381 Macarthur Avenue.

Mr Huljich said BTP Northshore was a good fit for the group's active management approach

“The asset occupies a prominent location in Northshore – a well-known area with many small- to-medium enterprises whose employees prefer to work close to home, while being conveniently located 6km from Brisbane’s CBD, 5km to Brisbane Airport, and 1km to vibrant shopping precincts, cafes and the iconic Eat Street Northshore,” he said.

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