A long-awaited transformation of a former industrial site in Holroyd has been given the green light, with the NSW Government approving the $1.2 billion Crescent Parklands masterplan that will deliver more than 1,200 new homes just south of Parramatta.

The State Significant Development approval clears the way for a large-scale mixed-use precinct at <a href="https://www.apartments.com.au/new-apartments/1-crescent-street-holroyd-nsw-2142">1 Crescent Street</a>, replacing an underutilised site with a coordinated residential community anchored by new open space, retail, and commercial uses.

Designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a> for WA-based developer Tiberius, the approved scheme comprises seven buildings arranged across two precincts. In total, the development will deliver 1,227 apartments, including 201 allocated as affordable housing, alongside approximately 2,500 sqm of retail and 5,000 sqm of commercial space within a mixed-use podium.

<img alt="Tiberius’ Crescent Parklands to deliver 1,200+ homes in major Holroyd transformation" data-entity-type="file" data-entity-uuid="1cc82dd2-8184-4b86-8665-90653147820d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Crescent%20buildings.png?VersionId=2ZmVDc_Rfc4AzQ6ShzZJlvdZnACLerVM" />

The project is structured as a masterplanned precinct rather than a standalone tower. Buildings 1 to 4 will rise from a shared podium with shop-top housing, while Buildings 5 to 7 are positioned closer to the northern park interface as residential flat buildings. The built form has been carefully modulated to balance density with amenity, with the design resolving building separation, solar access, and wind impacts at a precinct scale.

A significant focus of the design is the activation of Crescent Street and the integration of public domain. The submission notes that “individual townhouses [were] removed for community based functions to Crescent Street to increase activation and surveillance,” reinforcing a more urban and publicly engaged street edge. Retail, commercial tenancies, and resident amenity spaces are concentrated along this frontage and within the podium to support day-to-day activity.

The landscape strategy underpins the project’s identity, with a network of pedestrian connections, landscaped corridors, and open spaces linking the site internally and to its surroundings. The design prioritises permeability, delivering “increased uninterrupted flow between spaces for pedestrian access” and improved connections through to the adjoining parklands.

<img alt="Tiberius’ Crescent Parklands to deliver 1,200+ homes in major Holroyd transformation" data-entity-type="file" data-entity-uuid="19282454-ab2f-4e2c-866f-4b35cf4283d4" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Crescent%20masterplan.png?VersionId=JQdWGYI5B5R1lzmK4omYOp_8KLPkT4Bv" />

Buildings within the western precinct are oriented toward the park, shaping a residential offering defined by proximity to open space. The design describes this approach as creating apartments “immersed in nature with apartments facing the park,” positioning the landscape as a central organising element of the masterplan.

The broader architectural response addresses both infrastructure and context, with taller elements capturing long-range views toward Parramatta while setbacks and separation distances mitigate impacts on surrounding residential areas. Sustainability initiatives, including solar optimisation, cross-ventilation, and integrated landscape systems, are embedded across the scheme.

Located approximately one kilometre south of Parramatta CBD, the 3.6-hectare site is bounded by Crescent Street, Woodville Road, and Holroyd Sportsground. It benefits from strong access to public transport, including nearby bus routes and train stations, and sits within a rapidly evolving corridor earmarked for increased residential density. The design also strengthens connections between surrounding green spaces, including Holroyd Sportsground and Parramatta Parklands.

The approval follows several years of planning, including a rezoning process that enabled significant uplift in height and density across the site. With determination now secured, Crescent Parklands is positioned to play a major role in delivering new housing supply within Greater Parramatta’s growth area.

Joel Robinson

Tiberius’ Crescent Parklands to deliver over 1,200 homes in major Holroyd transformation

A new State Significant Development application has been lodged over land at <a href="https://www.apartments.com.au/new-apartments/33-43-marion-street-parramatta-nsw-2150">33–43 Marion Street</a>, Parramatta, proposing a high-rise mixed-use tower that leverages planning incentives to deliver a substantial pipeline of new housing, including a dedicated affordable component.

The scheme, currently on exhibition, combines a shop-top housing development with a concurrent rezoning, positioning the site for a significant uplift in density within Parramatta’s evolving southern CBD fringe.

The proposal, designed by <a href="https://www.apartments.com.au/architects/fuse-architecture-0">Fuse Architects</a> for CN Marion, would replace the existing buildings with a 37-storey mixed-use tower, delivering 296 apartments above a retail podium with six basement levels on the 2,376 sqm site.

The residential mix comprises 58 one-bedroom, 207 two-bedroom, and 31 three-bedroom apartments, with communal facilities located on the second level and the rooftop. Ground-level activation is driven by retail and food and beverage tenancies, alongside a publicly accessible through-site link designed to improve pedestrian permeability.

The project includes 194 car spaces, five motorcycle spaces, and 348 bicycle spaces, reflecting a transit-oriented approach in a location directly adjacent to the rail corridor and within walking distance of Harris Park Station.

<img alt="First Look: Plans lodged for 37-storey mixed-use tower with affordable housing at 33–43 Marion Street, Parramatta" data-entity-type="file" data-entity-uuid="3db873ea-62f0-437b-8a6a-eeda154d2dee" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Marion%20building.png?VersionId=YwzBv8OVHwyRnMLGX4slU7QyhTyMZeOX" />

The design adopts a podium-and-tower composition, with a three-storey street wall addressing Marion Street and a reduced two-storey interface responding to adjoining heritage cottages.

A key component of the proposal is the integration of affordable housing under the NSW Government’s in-fill affordable housing pathway, with units to be retained for a minimum of 15 years. This is paired with a broader public domain strategy that emphasises permeability, deep soil planting, and a landscaped through-site link.

“The strategy prioritises a permeable, well-activated public realm and supports a compact tower form to minimise the building’s footprint while enhancing the quality of the ground-level experience,” the design report states.

The proposal includes a central landscaped courtyard, rooftop communal areas, and planting strategies aligned with local environmental conditions and cultural narratives.

<img alt="First Look: Plans lodged for 37-storey mixed-use tower with affordable housing at 33–43 Marion Street, Parramatta" data-entity-type="file" data-entity-uuid="f0e6c165-9967-4d20-9216-e5b8357c85ba" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Marion%20site.png?VersionId=SRod222LwgDmGZJmJY0wTbK39UrWZLSD" />

The site occupies a prominent corner of Marion and Station streets, roughly 100 metres from Harris Park Station, within a precinct earmarked for significant intensification. While the immediate context is characterised by low- to mid-rise buildings and heritage dwellings, planning controls and recent proposals point to a transition toward high-density development.

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Parramatta has been starved of new apartment supply in recent years. Builder-developers Deicorp and Coronation are the only two currently progressing projects in the suburb. Coronation is nearing completion of <a href="https://www.apartments.com.au/new-apartments/8-phillip-street-2-10-phillip-street-parramatta">8 Phillip Street</a>, which will be the tallest building in Western Sydney once finished, while Deicorp is delivering <a href="https://www.apartments.com.au/new-apartments/cosmopolitan-by-deicorp-parramatta-34-hassall-street-parramatta-nsw-2150">Cosmopolitan</a>, a development comprising over 600 apartments.
</section>

First Look: Plans lodged for 37-storey mixed-use tower in Parramatta

A substantial uplift in height and density is being tested in Lane Cove, with a 225-apartment scheme at 300 Burns Bay Road now on public exhibition as a State Significant Development alongside a concurrent rezoning.

The proposal by <a href="https://www.apartments.com.au/developers/level-33">Level 33</a> would see the demolition of an existing commercial building and associated structures, replaced by a residential development ranging from seven to 15 storeys.&nbsp;

The scheme delivers 225 apartments, including 34 designated as affordable housing, positioning it within the NSW Government’s accelerated Housing Delivery Authority pathway.

The development is arranged as three interconnected residential flat buildings, a response to the site’s long, narrow configuration and sloping topography.&nbsp;

<img alt="First look: 225-apartment Lane Cove tower proposal enters exhibition under State Significant pathway" data-entity-type="file" data-entity-uuid="c325d40c-ead5-45f4-9d77-5a446b23acc0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Lane%20Cove%20pers.png?VersionId=hsCJxT5hj.5kzA6AMInyan1x8mcHeRez" />

<a href="https://www.apartments.com.au/architects/pbd-architects">PBD Architects</a>, the project’s designer, describe a built form that is “divided into three sections, each connected by intermediate infill slots which are recessed to establish greater setbacks and further articulate the development.”

Across the scheme, apartments are supported by communal amenity at ground and rooftop levels, including landscaped open space and a rooftop pool. Basement and lower ground levels accommodate parking, storage, and building services, while a new public park is proposed along the eastern edge of the site, replacing part of the existing built form.

The architectural response has been shaped by the site’s pronounced fall towards the Lane Cove River, with building heights stepping down from west to east to reduce visual bulk and respond to adjoining bushland.&nbsp;

The design report notes that “the development has been carefully designed to integrate with the existing topography with the placement of massing and floor levels adjusted respecting the site’s inherent characteristics.”

<img alt="First look: 225-apartment Lane Cove tower proposal enters exhibition under State Significant pathway" data-entity-type="file" data-entity-uuid="31cc13a5-bc8b-4dc3-b9b1-07c6ec33a82b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Lane%20cove%20site.png?VersionId=NiyH3LimQwiHsE6Q7I5g4Grpr5fRdZaX" />

The project is being advanced through a concurrent rezoning process, seeking to increase the permissible height and floor space ratio beyond current Lane Cove LEP controls of 21 metres. Under the proposal, height would reach up to 54.5 metres, reflecting a shift toward higher-density outcomes in well-located urban areas.

Located on a 7,595 sqm site, the development sits within an established high-density residential pocket characterised by mid-rise apartment buildings set within a bushland setting. The site is within close proximity to Burns Bay Reserve, the Lane Cove River, and an extensive network of open space, reinforcing its strategic positioning for increased housing supply.

Level 33 is doing through the Housing Delivery Authority to try and get its Homebush project of <a href="https://www.apartments.com.au/news/nsw/level-33-adds-to-2-000-unit-pipeline-with-new-two-tower-homebush-plans">more than 300 apartments approved</a>.

The developer has over 2,000 apartments in the pipeline, predominantly in Wollongong.

First look: Level 33 proposes 225-apartment Lane Cove tower

Following the completion of its debut Palm Beach apartment development EVA on Tenth, local Gold Coast developer Chippendale Group has launched its latest project in the in demand area.

Chippendale Group, led by fifth-generation Palm Beach local Daniel Chippendale, has kicked off sales at&nbsp;<a data-saferedirecturl="https://www.google.com/url?q=https://www.apartments.com.au/new-apartments/elise-palm-beach-3-twenty-fifth-avenue-palm-beach-qld-4221&amp;source=gmail&amp;ust=1775884443343000&amp;usg=AOvVaw2GyxnGQKU2XXwTzQ8_VHgi" href="https://www.apartments.com.au/new-apartments/elise-palm-beach-3-twenty-fifth-avenue-palm-beach-qld-4221" target="_blank">ELISE</a>, 68 coastal-infused apartments just 40 metres from the sand on Twenty Fifth Avenue.

[smartcode_project:default project_id=150992 project_image_fid=366023]

Construction is already well underway, a signal of confidence to buyers, following the demolition of the two-storey walk-up and 1990s built house that sat on two sites that have been amalgamated to create a prime corner block.

There are a mix of two- and three-bedroom apartments on offer, starting from $1.4 million.

[smartcode_project:default project_id=150992 project_image_fid=366024]

Designed by <a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>, Elise responds to its coastal setting through a horizontal architectural form with recessed glazing and layered landscaping. The design aims to balance light, shade and sea breezes while creating a defined presence along the streetscape.&nbsp;

Residences have been planned with an emphasis on outdoor living suited to the Gold Coast climate, including large balconies designed as usable outdoor rooms. Interiors will feature a selection of European appliances and natural materials, including New Zealand wool carpets.&nbsp;

[smartcode_project:default project_id=150992 project_image_fid=366033]

Resident amenities are centred around a wellness-focused ground-level precinct. There will be private access to a heated swimming pool, sauna, cold plunge and gym, alongside a residents’ lounge with dining and entertaining space.&nbsp;

<a href="https://www.apartments.com.au/new-apartments/elise-palm-beach-3-twenty-fifth-avenue-palm-beach-qld-4221">ELISE</a> is located towards the northern end of Palm Beach, which puts it just a short walk to Tallebudgera and Currumbin Creeks. At the end of the street is the newly extended Oceanway, a 36-kilometre pathway that runs up and down the Gold Coast.

Chippendale is targeting a late 2027 completion date for <a href="https://www.apartments.com.au/new-apartments/elise-palm-beach-3-twenty-fifth-avenue-palm-beach-qld-4221">ELISE</a>.

[smartcode_project_cta:default project_id=150992]

Chippendale Group launches Elise, 40 metres from the Palm Beach sand

Sydney developer <a href="https://www.apartments.com.au/new-apartments/31-41-o-hara-street-marrickville-nsw-2204">Third.i</a>&nbsp;has announced a new transport-oriented development in one of Sydney Inner West’s most sought-after metropolitan locations, delivering much needed housing within steps of world-class public transport and vibrant village life.

Located at&nbsp;31-41 O’Hara St,&nbsp;Marrickville, the proposed mixed-use development will include around 300 apartments, with up to 17 per cent dedicated to affordable housing, reinforcing Third.i’s commitment to creating inclusive, well-connected communities that support a diverse mix of residents who keep Sydney’s neighbourhoods thriving.

Located just 100 metres from the new Metro station, the development places residents within minutes of the CBD while offering seamless access to the Inner West’s cafés, retail, and local services. Anchored within a thriving local centre, the project supports everyday living without reliance on cars, while also delivering new public open space for the local community, including a new park and landscaped green areas, alongside high-quality private resident amenities.

Florian Caillon, Head of Acquisitions for Third.i Group, said the project builds on the company’s ongoing work alongside the NSW Government to deliver housing and amenity alongside major transport infrastructure. Amenity includes an activated pedestrianise retail strip that connects Illawarra Road down to the pocket park, and health and wellness facilities.&nbsp;

“Delivering housing of this scale within an established village is a rare opportunity, and few companies have achieved residential outcomes of this size at a village centre," Caillon said.

"We are excited to set a new standard for urban living in the heart of Marrickville,” he said.&nbsp;

The inclusion of affordable housing has been welcomed by frontline workers.

“We are supportive of developments which will allow essential workers like nurses, midwives and carers, the opportunity to live in the communities they care for," said&nbsp;Michael Whaites, General Secretary of the NSW Nurses and Midwives’ Association..

“Many healthcare workers tell us they would like to live closer to where they work, but are being priced out of the market, forcing them to move further away.&nbsp;

“Dedicated apartments for essential workers will support recruitment and retention in local hospitals and aged care facilities, helping to strengthen our health system.”

The project has been declared State Significant Development (SSD) by the Housing Delivery Authority (HDA).

Third.i to deliver 300 apartments in Marrickville TOD precinct

Centuria

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Jason Huljich, co-chief of ASX-listed property entity Centuria Capital, has listed his Elizabeth Bay waterfront apartment.
There has been mixed McGrath messaging to buyers in its initial spruiking.
Some have been advised it has $4.5 million hopes while others have been informed expect to pay between $4.5 million and $4.75 million.
The three-bedroom harbour front Billiard Avenue apartment last traded in 2006 for $2.23 million, and at $1.42 million in 2001.
It has 113 sqm internal space plus just 13 sqm balcony space.
It is in The Palms complex.
There is a June 13 onsite auction. ​
The last apartment to sell in the complex was at $3.815 million last June with the top floor two bedroom having previously sold at $1.25 million in 2000.
It had 230 sqm of indoor/outdoor space.
Huljich is reportedly interested in moving into a house.
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Jason Huljich lists Elizabeth Bay apartment

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A Centuria subsidiary, Centuria Property Funds No.2 Limited (CPF2L), has entered into an agreement to acquire 348 Edward Street in Brisbane for $89 million.
348 Edward Street is a prominent office building located in the Brisbane CBD, 60 metres from Central Railway Station and near surrounding amenity including the Brisbane Private Hospital, Brisbane Magistrate Court and the regenerated Queen Street Mall precinct. 
The asset has a 5.1 year WALE4 and is 89% occupied.
“This transaction grows our unlisted fund opportunities to $216 million in FY20 year to date," Jason Huljich, Joint CEO of Centuria, said.
"Additionally, Centuria’s listed office REIT, CMA, has recently committed to acquire two A grade office assets for $380 million and successfully completed a $206 million institutional placement and entitlement offer on 19 September 2019 supporting these purchases."
Centuria’s listed industrial REIT, CIP, has also settled four recent acquisitions for a total consideration of around $80 million since 30 June.
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Centuria acquires $89 million Edward Street, Brisbane office building

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Centuria Property Services, the asset management arm of Centuria Capital Group, has signed an implementation agreement with parking technology startup BaseUp.
Vacant parking bays in and around commercial properties owned by Centuria’s listed and unlisted property funds will be made available via the BaseUp app, where tenants can participate and register for short-term parking solutions.
BaseUp is a provider of smart parking technology to large tenants and landlords in the commercial property market.
BaseUp provides solutions that solve one of commercial real estate’s biggest problems – underutilised parking and a lack of flexibility. 
Matthew McQueen, Portfolio Manager at Centuria, commented: "After a highly successful pilot period at two of our assets, we have now signed up for all our property residents. 
"Those at the forefront of the commercial property market – office properties in particular – are increasingly focusing on the well-being of a building’s users, a significant aspect of which is convenience of commuting and end-of-trip."
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Centuria signs agreement with parking technology provider BaseUp

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Centuria, now Australia’s largest office-specific REIT, has grown their portfolio to $1.4 billion, according to their half year financial results.
They also appointed Grant Nichols as new fund manager of CMA.
Mr Nichols, is an experienced fund manager with over 15 years of experience in Australian office markets.
He said “In the last year, CMA delivered 10.9% return on equity to unitholders, and is now Australia’s largest sector-specific listed office REIT"
“Having made CMA a pure-play in office assets, Centuria has continued to improve the quality of the portfolio – its delivery on strategy is evident in its strong returns to unitholders.”
“With a high-quality, fit-for purpose portfolio 89% weighted to the eastern seaboard and an average building age of 15.5 years, CMA is well positioned to capitalise on tenants seeking to expand or reposition across Australian metropolitan markets,” he concluded.
Over the past half year Centuria acquired a $521 million portfolio of four office assets which took the portfolio to $1.4 billion  (from $930.5 million at FY18) and made them Australia’s largest office-specific REIT.
They divested their remaining industrial assets, at "premium-to-book values".
Centuria retained high occupancy of 98.8% overall, with 100% occupancy throughout their WA, SA, VIC and NSW properties.
Over 14,500 sqm of net lettable area (6.7% of the portfolio NLA) was leased across sixteen transactions during the past half year – extending the WALE to 4.3 years.
The fund returned a statutory profit of $14.7 million in 1H19 and funds from operations of $26.5 million. 
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Centuria now Australia’s largest office-specific REIT with $1.4 billion portfolio

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Centuria Metropolitan REIT has acquired a portfolio from Hines Global REIT comprising four major properties, in the second largest commercial property transaction of the year.
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The deal involves buying three office properties, and taking a 25 percent interest in a fourth.
The purchased buildings include 818 Bourke Street in Melbourne's Docklands (above), 825 Ann Street in Brisbane's Fortitude Valley (below), and 100 Brookes Street, also in Fortitude Valley.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/10/10/Ann%20St.jpg" alt="">
The 25 percent interest is in 465 Victoria Street in Sydney's Chatswood. The remaining 75 percent of the building will be purchased by the Lederer Group
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Centuria now manages over $300 million of direct real estate assets on behalf of the Lederer Group.
Centuria Capital Limited will contribute $20 million to the purchase price of the Chatswood block.
CMA will pay a total net price of $500.9 million, reflecting a 3.8% discount to the total independent valuations of $520.9 million, and an initial yield of 6.3%.
The acquisition will be partially funded by a fully underwritten equity raising of $276 million at an issue price of $2.43 cents per CMA security.
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Jason Huljich, Centuria’s Head of Real Estate and Funds Management, said the properties are complementary to CMA’s existing portfolio and in line with its strategy of acquiring fit-for-purpose, quality metropolitan assets. 
“Once this transaction is complete, CMA will be more than 84% exposed to key East Coast markets by portfolio value.
“This means a better growth profile for the fund going forward, particularly when you consider that 93% of leases are subject to fixed rental reviews of an average of 3.7% p.a.”,1 he said. 
Commenting on the total acquisition and capital raising – which cumulatively represents Centuria Capital Group’s largest single direct transaction and the second largest commercial transaction in Australia this year, Huljich said the activity is evidence of the Fund’s repositioning strategy in action.
“Our aim has been to create a high-quality, pure-play A-REIT, with the kind of strong property metrics that can deliver returns for our investors in the form of consistent, attractive distributions. Over the four years since its inception, CMA has grown into the country’s second largest pure-play office fund, and this transaction will increase its portfolio by 56% to approximately $1.4 billion across 23 properties. 
“This transaction is further evidence of our team’s ability to identify and deliver quality properties in a competitive market.
“We are pleased to announce this major transaction for CMA – not only because it improves the overall quality of the portfolio, but because it ultimately repositions CMA as a major office A-REIT, poised to deliver strong returns to investors.” Mr Huljich said.
 
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Centuria Metropolitan buys $520 million property portfolio from Hines Global

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Centuria Capital Group's subsidiary Centuria Property Funds Limited has exchanged contracts on a Geelong office block for $115.25 million.
The deal caps off an active 1H FY18, with $655 million in property assets bought.
The <a href="https://www.commercialrealestate.com.au/property/60-brougham-street-geelong-vic-3220-2013883351" target="_blank">Brougham Street property</a> will be acquired by the Centuria Geelong Office Fund, a new single asset unlisted property fund which will be launched in February 2018.
On settlement, total Centuria assets under management (AUM) will be $4.5 billion. 
The A-Grade building is 100% occupied, with 94% of its income underpinned by a long-term lease to AAA-rated Victorian State Government entity, the Transport Accident Commission (TAC).
Centuria’s property funds management business is led by Jason Huljich. 
With the new Geelong fund enjoying a 10-plus year lease to a State Government tenant and a starting distribution of 7% p/a paid monthly, Huljich expects strong demand from Centuria’s investors.
“The building is centrally located in the thriving regional city of Geelong, which is benefiting from the relocation of a number of Government agencies, including WorkSafe and the National Disability Insurance Agency. 
“The acquisition complements our investment philosophy and offers reliable, long term income for investors.”
 
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Centuria acquires $115 million Geelong building, growing AUM to $4.5 billion

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Property fund manager Centuria Capital Group’s operating earnings per share dropped 31 percent to 10.3 cents per share while funds under management more than doubled to $4.2 billion for the full year ended June 30.
It said the results were in line with its guidance.
Centuria also announced distribution of 7.5 cents per share for the financial year and up 43% on FY16 results. 
Since financial year 16, Centuria has purchased 10 properties for $721 million across the listed and unlisted businesses, with $517 million acquired by unlisted funds.
Centuria said total shareholder returns were 24% and the group expects its operating EPS to grow nearly 5% during FY18.
Group CEO John McBain highlighted the acquisition of the $1.4 billion 360 Capital real estate platform.
“This acquisition was a very significant contribution to growth in funds under management and our consequent increase in scale and market presence. The result has been a step-change for Centuria Capital, bringing our business to scale and this activity should enable near-term ASX 300 inclusion.”
“In addition, the majority of 360 Capital’s funds were listed funds which were highly complementary to our platform which was previously skewed toward unlisted property funds,” McBain said.
He said the group’s unlisted business "had a bumper year", growing by 106% and has property assets under management worth $1.6 billion. It made the largest purchase in the group’s history – the Zenith office tower in Chatswood for $279 million in a joint venture with global investor BlackRock.
Last month, Centuria Property Funds said its listed office fund, Centuria Metropolitan REIT (ASX: CMA), has bought three commercial properties in Perth and Melbourne for a total of $150 million. 
In Perth, Centuria acquired two new commercial assets: <a href="https://www.realcommercial.com.au/property-offices-wa-perth-502267250" target="_blank">The Hatch Building</a> at 144 Sterling Street (above), and 42-46 Colin Street, for a total of $91.8 million. 
<a href="https://www.propertyobserver.com.au/images/2017/08/23/Centuria.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/08/23/Centuria.png" alt="">
During the year, Centuria merged its two office Real Estate Investment Trusts: Centuria Metropolitan REIT (CMA) and Centuria Urban REIT (CUA); and acquired the management of Centuria Industrial REIT (CIP).
As a result, CIP is now Australia’s largest pure rent-collecting REIT, with a market capitalisation of $563 million. 
Metropolitan office REIT CMA has a market capitalisation of $420 million.
Meanwhile, Centuria Property Funds has announced two leasing deals for its listed industrial trust, Centuria Industrial REIT.
“We are very pleased with the performance of both funds this year. The merger of CMA and CUA resulted in a larger and more efficient fund, which went on to acquire a further $150 million in assets since the merger,” said McBain.
The company will look to grow both funds with asset acquisitions, it said.
The Centuria Diversified Property Fund (CDPF) was also launched this year. It is an open-ended, unlisted diversified property fund which invests in office trusts.
McBain said the group would use its balance sheet strength to accelerate growth across its listed and unlisted property businesses.
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Centuria boss says unlisted funds had bumper year

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Centuria Property Funds has announced two leasing deals for its listed industrial trust, Centuria Industrial REIT.
The trust has renewed leases with AWH, Australia’s largest wool-handling operation, for CIP’s existing asset at <a href="https://centuria.com.au/industrial-reit/property-portfolio/310-spearwood-ave-bibra-lake-wa/" target="_blank">310 Spearwood Avenue, Bibra Lake, WA</a> (44,296sqm) (below), and for the recently acquired adjoining asset at <a href="https://www.domain.com.au/property-profile/lot-14-sudlow-road-bibra-lake-wa-6163" target="_blank">Lot 14 Sudlow Road</a> (39,485sqm) (picture above).   
The term will come into effect after the settlement of Lot 14 Sudlow Road in September.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/08/23/Centuria2.jpg" alt="">
 
AWH is the largest tenant in CIP’s portfolio and occupies 11% of the trust’s gross leasable area (GLA).
The deal caps off a busy period since Centuria took control of CIP in January that resulted in an expansion of its portfolio, which increased in size to $957 sqm.
The period also saw a refinancing CIP’s entire bank debt facilities and leasing activity across 19% of the portfolio.
CIP Trust manager, Ross Lees, said it was Australia’s largest industrial leasing transaction for 2017.   
“This deal will extend AWH’s tenure by an average of 5.6 years across both properties, significantly reducing CIP’s FY20 lease expiry profile, which is great news for CIP investors,” he said.
AWH is one of Australia’s leading logistics and warehousing specialists, occupying more than 650,000 sqm.
The company provides storage, handling, freight forwarding and inventory management services for import, export and domestic distribution, and services over 55% of the nation’s traded wools, added Lees.
“We are active managers and a relationship-based business,” said Lees.
“By maintaining close relationships with tenants and investors, we are aware of their needs and able to swiftly take advantage of market opportunities for the benefit of both.”
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Centuria says in largest industrial leasing deal of 2017

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Centuria Property Funds has unconditionally exchanged on the sale of its commercial office property located at 90 Crown Street, Wollongong.
The gross sale price was $43.9 million to a Melbourne based funds management group.
It sets a new record for the Wollongong commercial property market achieving rate per square of $4,786.
The asset was purchased in 2005 for $30.675 million.
According to Jason Huljich, CEO of Unlisted Property at Centuria, Wollongong has recently received significant interest from investors as yields continue to compress in traditional core markets.
“Although much of Centuria’s investment focus is on major metropolitan and fringe markets, primarily in Sydney, Melbourne and Brisbane, where buyer demand has been expanding significantly, we are also seeing strong demand within the core regional markets such as Wollongong,” said Mr Huljich.
“90 Crown Street is well located within the heart of the Wollongong CBD, with excellent access to retail, entertainment and transport links. As one of only a limited number of office developments in the market designed to attract corporate and government occupiers, this landmark property attracted substantial interest from investors.
“Ongoing upgrades to the Wollongong city centre, the expansion of the Wollongong Public Hospital and its popularity for both business and lifestyle have also driven buyer demand,” he said.
Mr Huljich said interest in the sales campaign and the record rate per square metre were validations of Centuria’s active management philosophy.
“The property is fully leased, primarily to Government tenants and delivers an estimated annual income of $3,636,018, which equates to a passing yield of 8.3 percent.
“While managing the asset, Centuria undertook various works to improve the building’s sustainability, achieving a NABERS rating of 4.5 stars and over 70% of the leases were reset prior to taking the asset to market.
"Development approval for additional office and retail space was also secured, which contributed to achieving an excellent result for investors,” he said.
The sale was managed by Knight Frank’s Richard Garland and Jonathan Vaughan, in collaboration with MMJ Real Estate -Wollongong's Geoff Jones, Travis Machan and Tim Jones.
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