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Kurraba manages the acquisition of 1 Central Avenue from Centuria for $103M

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22 May 2024

Kurraba manages the acquisition of 1 Central Avenue from Centuria for $103M

Real estate investment firm Kurraba Group, managed the acquisition on behalf of a private investor who specialises in life science property, and is the buyer of the Building. The asset, known as the Biomedical Building, is based in Sydney CBD-fringe technology hub South Eveleigh.
 

1 Central Avenue provides a 97.1% occupancy and 6.6-year Weighted Average Lease Expiry (WALE). The building’s anchor tenant is The University of Sydney. The office building was constructed in 1998 and provides a 7,716sqm net lettable area (NLA).

 





Nick Smith, CEO Kurraba Group, said, “The acquisition of 1 Central Avenue, South Eveleigh further solidifies Kurraba’s Life Science strategy.  The BioMed Building at 1 Central Avenue, underpinned by the University of Sydney’s Life Science departments and surrounded by complementary occupiers, such as CICADA Innovations, is a key pillar in our cluster model aspirations for the Sydney Fringe commercial market.

“We are thrilled to see the portfolio take shape and excited to build upon further pipeline opportunities with our capital partners, creating exciting new environments for the next generation of R&D and innovation.”





Jesse Curtis, Centuria Head of Funds Management, said, “We acquired three South Eveleigh office buildings for the ATP Fund on the cusp of the area’s regeneration. As one of the first institutions to support the precinct, our investors have since benefitted from significant social and commercial infrastructure in the area. Its fringe market location has developed into a thriving hub for large and medium-sized businesses, providing easy commutability and lifestyle amenities.”

The off-market sales process was negotiated by Rebus Property’s Scott Timbrell.