Centuria cashes in on Sydney investments

Centuria cashes in on Sydney investmentsCenturia has sold two properties ripe for residential redevelopment in Sydney’s north west for $101 million, reaping a tidy profit since their acquisition in 2000 for $24 million.The adjoining properties at 80 Waterloo Road and 16 Byfield Street, Macquarie Park are within a 0m radius of the Herring Road railway station and opposite the Macquarie Centre, a regional shopping centre. The entrance to Macquarie University is also within 0m. The properties are being rezoned to allow mixed use development and, once the community title is dissolved, the total site area will be 7639 sqm.It is understood the purchaser, Melbourne-based private investment company Golden Age Development Group, will develop the site for residential and is about to lodge a DA.Current improvements on the 6562 sqm site comprise an older style two-level commercial building at 80 Waterloo Road with an area of 1984 sqm. It is largely vacant with a café operating on a monthly basis. The three-level office building at 16 Byfield Street was constructed in 2001 and has an area of 4882 sqm. It is currently leased with a WALE of less than one year.After managing the assets for a number of years, Centuria worked up a residential development scheme for the site and then took the property to the market through CBRE. According to Centuria Unlisted Property Funds CEO Jason Huljich, the high purchase price was a validation of Centuria’s active management philosophy.In May this year Centuria teamed up with global investment firm BlackRock to acquire the Zenith office complex at Chatswood, on Sydney’s North Shore for $279 million.