Three years after submitting its initial development application for a new apartment building in Bilinga, local developer Lacey Group has decided now is the right time to start progressing with the project.

Lacey Group, which has been behind the likes of Del Ray in Kirra and The Monroe in Palm Beach, has filed fresh plans for an 11-level building with 27 apartments. The 1,009 sqm block at <a href="https://www.apartments.com.au/new-apartments/66-pacific-parade-bilinga-qld-4225">66 Pacific Parade</a>, on the corner of Archer Avenue facing Joe Doniger Park and the beach, is currently home to a walk-up block of original flats known as Serene.

Plus Studio has tweaked its own plans. The density mix isn't much different to the&nbsp;10-level, 28-unit <a href="https://www.apartments.com.au/news/qld/first-look-lacey-group-set-for-next-gold-coast-apartment-development">application they made in 2022</a>.

There will still be nine two-bedroom apartments and 16 three-bedroom apartments. The three two-level penthouses have been scrapped, in favour of a large three-bedroom and four-bedroom apartment on the ninth level. There will be just three apartments per floor throughout the building.

&nbsp;

<img alt="Lacey" data-entity-type="file" data-entity-uuid="170901f8-c4e9-481d-8d2a-5c7d20b1d785" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-10-21%20at%206.01.24%E2%80%AFPM.png?VersionId=lGJGCx9qskwB8qu6Xlur4i0K0boXR5Do" />

Plus Studio, led locally by Danny Juric, says 66 Pacific Parade will be&nbsp;a "timeless addition to Bilinga, facilitating a lifestyle defined by relaxed sophistication — barefoot luxury at its finest."

"Located just moments from the beach, 66 Pacific Parade is designed to embrace the Bilinga lifestyle and enhance the neighbourhood’s character," the submission to the Gold Coast City Council noted.

They called the apartments "beach homes", which will be "enveloped by sweeping curves that create a seamless integration between the architecture and its coastal context."

"These soft forms enhance panoramic view experiences for residents, while layered landscaping along the Pacific Parade and Archer Street frontages blends the ocean into the residents’ private recreation deck, pool, and lounges."

<img alt="Lacey" data-entity-type="file" data-entity-uuid="18aebcd9-4d68-47d2-86b9-92eda1779103" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-10-21%20at%206.01.47%E2%80%AFPM.png?VersionId=xtOSgbusBKaWiXhyhjO_0ctVkllaPg_0" />

&nbsp;

According to the Town Planning Report by Urban Planning Services, the new application “demonstrates a more refined architectural expression, with particular emphasis on coastal character, visual interest, and improved amenity outcomes”.

The design adopts lighter tones and tiered landscaping, with articulated balconies and screening elements to soften the façade and improve privacy.

Bilinga has become a popular spot for developers in recent years. SIERA recently completed <a href="https://www.apartments.com.au/buildings/pipis-bilinga-303-golden-four-drive-bilinga-qld-4225">PIPIS</a>, just 19 luxury apartments on Golden Four Drive, while <a href="https://www.apartments.com.au/new-apartments/bilinga-house-107-golden-four-drive-bilinga-qld-4225">Bilinga House</a>, a more dense, more price-pointed development, recently launched.

Joel Robinson

First look: Lacey Group advances Bilinga apartment plans

A fresh high-rise tower is being proposed on what is becoming Surfers Paradise most popular street for development.

Sunset Boulevard, just outside of the centre of Surfers Paradise on the Nerang River, has been a hotbed for developers in the last 12 months, with the likes of SEYAH, Macquarie York, and&nbsp;YHY Group filing plans for new apartments.

The latest comes from Sinclair Projects, a company associated with Sinclair Projects, a company associated with&nbsp;Highgrove Bathrooms Founder Lindsay Sinclair. They've sought to develop <a href="https://www.apartments.com.au/new-apartments/cointreau-25-27-sunset-boulevard-surfers-paradise-qld-4217">Cointreau</a>, 51 apartments across a 16-level building that will sit on a 1,012 sqm corner site at 25-27&nbsp;Sunset Boulevard, on the corner of Alberta Place. It is currently occupied by two low-rise dwellings.

The tower, by&nbsp;<a href="https://www.apartments.com.au/architects/studio-workshop">Studio Workshop</a>,&nbsp;will include a mix of 37 two-bedroom and 14 three-bedroom apartments, with all residences located above a three-level podium which will home a communal recreation level, featuring landscaped terraces and a pool, and the majority of the 69 resident parking spaces.

Studio Workshop says in the submitted plans to the Gold Coast City Council that Sunset Blvd is emerging as a "vibrant new urban community that blends lifestyle, culture, and convenience in a central locale."

"The development embraces the Gold Coast’s unique connection to the outdoors, highlighted by Cointreau’s podium pool and wellness spaces that encourage residents to live and relax in the open air."

<img alt="Gold Coast" data-entity-type="file" data-entity-uuid="94bc6fc7-651a-4c6c-aa4a-ea033971a943" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-10-21%20at%205.27.47%E2%80%AFPM.png?VersionId=JUOpBzV3BSNah6QLyeCIT6QVuK.3Hy_3" />

They said its central location reinforces its identity as a connected precinct, with key views to HOTA, access to the Broadwater, and walkability to both the beach and the heart of Surfers Paradise — placing dining, retail, entertainment, and lifestyle at residents’ fingertips.

"This thoughtful integration of design, amenity, and location ensures Sunset Blvd is more than just a place to live — it is a thriving community that captures the essence of coastal urban living while fostering a strong connection to both nature and culture."

The first development likely to launch on Sunset Boulevard among a backdrop of several approvals is SEYAH's&nbsp;Cavella, just 18 large-scale apartments on the river.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/qld/first-look-seyah-to-launch-cavella-in-emerging-sunrise-boulevard-surfers-paradise-pocket-following-density-rethink">First look: SEYAH to launch Cavella in emerging Sunrise Boulevard, Surfers Paradise pocket following density rethink</a>

The first developer to identify Sunset Boulevard was Roy Skaf's Macquarie York. He has approval for 43 apartments, although that density may change in the coming months.

YHY Group has approval for a 33-level tower with 74 apartments, with the penthouse proposed to be the <a href="https://www.apartments.com.au/news/qld/first-look-the-gold-coasts-largest-penthouse-pitched-for-new-surfers-paradise-tower">largest penthouse ever</a> produced on the Gold Coast.

Sydney-based P&amp;N Sleiman Group secured approval for&nbsp;<a href="https://www.apartments.com.au/new-apartments/52-sunset-boulevard-surfers-paradise-qld-4217">52 Sunset Boulevard</a>, but has recently listed the site for sale.

First look: Sunset Boulevard shines as Surfers’ next hotspot for apartment development

A prominent eastern gateway site to Bondi Junction could soon host a new eight-storey apartment project combining market and affordable housing, under new plans lodged with Waverley Council.

The proposal covers a 1,631 sqm amalgamated site across five properties at 2–6 Bondi Road and 75–77 Old South Head Road, including the corner of Ben Eden Street.&nbsp;

According to the Design Verification Statement by <a href="https://www.apartments.com.au/architects/tony-owen-partners">Tony Owen Partners</a>, the development will deliver a total of 56 apartments, incorporating 10 affordable dwellings. The project takes advantage of the NSW Government’s Housing SEPP, which provides a 30 per cent uplift in height and floor space ratio in exchange for the inclusion of affordable housing.

<img alt="Bondi Road, Bondi" data-entity-type="file" data-entity-uuid="64226782-681d-430f-a08b-31d007ba40e0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Bondi%20Road%20Bondi%20site.png?VersionId=gCt8XpeE4jXEoao0FnG.Ij9mUr73CB68" />

The mix of apartments spans one-, two-, and three-bedroom configurations, with a layout designed to optimise amenity and environmental performance.&nbsp;88.5 per cent of units achieve natural cross ventilation, Tony Owen Partners notes in the statement, attributing the result to the site’s configuration and a high proportion of corner apartments.

The design also responds to the site’s transitional context, on the periphery of the high-rise Bondi Junction commercial core and adjoining the lower-scale Bellevue Hill precinct.&nbsp;

“The siting, scale, bulk, and massing of the proposed development is consistent with that anticipated for the area,” the statement reads, with the building’s height capped at 28.6 metres in line with the LEP controls including bonuses.

<img alt="Bondi Road building" data-entity-type="file" data-entity-uuid="083fb63f-8a64-4c21-9c09-83e379f1cedd" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Bondi%20bldg.png?VersionId=aQMby6eh5kCepC_rlXkobUpV0M6IsYns" />

Located near the intersection of Bondi Road, Oxford Street, and Old South Head Road, the site occupies a pivotal position at the entry to Bondi Junction from the east. The site is currently occupied by four detached two-storey dwellings.

Bondi Junction seldom sees new apartment development. Stargate is currently developing <a href="https://www.apartments.com.au/new-apartments/the-centennial-collection-east-sydney-2-nelson-street-bondi-junction-nsw-2022">The Centennial Collection</a>, on the edge of Woollahra and Centennial Park, and are soon to launch <a href="https://www.apartments.com.au/new-apartments/signature-by-stargate-362-384-oxford-street-bondi-junction-nsw-2022">Signature by Stargate</a>, just down Oxford Street.

Urban Editorial

First look: Eight-storey apartment block pitched for key Bondi Junction gateway site

Boutique developer SIERA has recently completed PIPIS, a rare, absolute beachfront address that embodies the best of the southern Gold Coast.

PIPIS was delivered in under three years, an achievement that reflects SIERA’s considered yet efficient approach. After securing the prime Golden Four Drive site in late 2022, the team refined the approved design and delivered a boutique collection of 19 residences, including two double-storey penthouses, homes that demonstrate how precision, craftsmanship and a disciplined approach to design can make the most of a rare beachfront location.

[smartcode_project:default project_id=138311 project_image_fid=353604]

With construction now complete and residents settled in, the final sub-penthouse offers a rare opportunity to join an address that captures the calm and quality of true beachfront living on the southern Gold Coast.

Beyond its location, PIPIS distinguishes itself through the depth of its amenity and the way those spaces are considered. Every element, from the magnesium lap pool and tropical landscaping to the dedicated dog wash and reformer Pilates equipment, has been planned with the residents’ day-to-day lives in mind. It’s not just what’s included, but how thoughtfully it’s executed.

[smartcode_project:default project_id=138311 project_image_fid=353605]

What truly sets PIPIS apart is the construction quality and craftsmanship, a hallmark of SIERA projects since its inception in 2014.

“Design and construction quality is the absolute first priority at SIERA,” says Managing Director Brent Thompson. “It’s the most important aspect of any project we do, before speed of delivery, before sales. If you can guarantee build quality, then the rest will fall into place.”

Thompson says the company’s reputation has been built on trust and lived experience rather than marketing promises. “What we want at SIERA is for future purchasers to speak to our past purchasers and ask them what it’s like living in a SIERA building. If we haven’t delivered on what we’ve promised previously, we won’t be successful in the future.”

[smartcode_project:default project_id=138311 project_image_fid=6572]

With a background in construction, Thompson’s hands-on approach is a key part of SIERA’s success. “If buyers are putting faith in the SIERA brand, it’s my responsibility that we deliver absolute quality and the highest level of service.”&nbsp;

But for Thompson and SIERA, liveability goes far beyond build quality. Every project begins with a clear understanding of who it’s being designed for. “Before we commit to buying a piece of land to develop, we consider who will reside there and what will matter to them,” Thompson says.

Every residence at PIPIS has been designed to open to the breeze, the natural light, and the sound of the ocean. Broad balconies extend living spaces outward, while the use of robust, tactile materials ensures each home feels grounded and easy to live in. It’s a design shaped by Queensland’s climate and a genuine understanding of how people want to live by the beach.

[smartcode_project:default project_id=138311 project_image_fid=353606]

Location was central to the vision for PIPIS. It was designed for people who know what makes the southern Gold Coast special, those who live here year-round and those who return whenever they can. “Our buyers all share the same mindset,” says Thompson. “They want to be close to Kirra, Palm Beach and Coolangatta, yet still have privacy and calm. They prefer smaller, well-crafted buildings to big towers, and they want to walk straight onto the beach. PIPIS was built around that sense of ease and familiarity.”’

With construction complete and residents now settled in, the final sub-penthouse offers a rare chance to join an address that defines absolute beachfront living on the southern Gold Coast, a building conceived with care, built with precision, and unlikely to be repeated anytime soon.

[smartcode_project_cta:default project_id=138311]

Quality assured: The sole focus driving SIERA’s Gold Coast apartment pipeline as PIPIS in Bilinga completes

When apartments are the minority in a suburb, their success often hinges on what’s available without needing a car.&nbsp;

Raya by <a href="https://www.urban.com.au/developers/core-developments">Core Developments</a> arrives at a time when apartment options in Gungahlin remain limited, and demand for well-located, walkable housing continues to grow.

Located on Ernest Cavanagh Street, <a href="https://www.urban.com.au/new-apartments/raya-gungahlin-ernest-cavanagh-street-gungahlin-act-2912">Raya</a> places residents within the most active part of Gungahlin.&nbsp;

Retail, dining, education and transport are all within close walking distance, with many of the suburb’s primary amenities located within a 150 to 300 metre radius.

“Raya has got the best to both worlds. A great looking building, that will be built impeccably. It will stand the test of time, and add enduring value for any buyer. And, this is quite simply the best residential location in <a href="https://www.urban.com.au/developments/gungahlin-act-2912">Gungahlin</a> with immediate access to every amenity Gungahlin has on offer. You could quite easily sell your car if you move here,” James Herbert of <a href="https://www.urban.com.au/project-marketer/lj-hooker-project-marketing-act-0">LJ Hooker projects</a> said.

<img alt="Raya, Gungahlin" data-entity-type="file" data-entity-uuid="266b0b21-f56b-4d93-9039-e9e17a2c4b71" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/e450173a099aaad8055757c92e45efb1-1600x0-c-default.png?VersionId=4X06Ja6e9pQTjOo4QKBEfKiRP1T7hR68" />

Marketplace Gungahlin - the suburb’s main shopping precinct - is less than a two-minute walk from the site. It offers access to major retailers including Woolworths, Aldi, BIG W and Kmart, along with a variety of services, medical centres, and fitness providers.

Dining options in the surrounding blocks are diverse and expanding. Longstanding local favourites like Le Bon Mélange and EQ Café are now joined by new arrivals such as Ikigai Ramen, The Usual and Sunday Canberra, reflecting Gungahlin’s emerging reputation as one of Canberra’s up-and-coming café and dining destinations.

While apartment living often calls for easy access to open space, Raya benefits from its proximity to several parks and recreational facilities. Yerrabi Pond District Park is just minutes away and offers walking trails, playgrounds, and picnic spots, as well as outdoor fitness equipment and a skate park.&nbsp;

Gungahlin Enclosed Oval and the Gungahlin Leisure Centre are also nearby, supporting a range of community and sports activities.

<img alt="Raya, Gungahlin" data-entity-type="file" data-entity-uuid="6b2ebc21-8257-4144-ad11-3970a73d5125" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/RAYA_2Bed-Living_nochair_3000-2000x0-c-default_0.png?VersionId=BJUJN_k6tZL9p9Lzq13m9OzyyKPstKQY" />

Public transport is a core strength of the location. The Gungahlin Place Light Rail stop, one of the network’s terminal stations, is located less than 100 metres from the development, providing direct access to Canberra’s inner north and CBD. Several local bus routes also operate from the same area, making car-free commuting a realistic option.

The immediate area also includes a number of schools catering to all levels, from early years through to college. Franklin School is within walking distance, while Gungahlin College and Burgmann Anglican School are both around two kilometres away. Childcare centres, health services and veterinary clinics are all established in the precinct.

Medical clinics, pharmacies, allied health services and a public walk-in centre are all available within the town centre footprint.

<img alt="Raya, Gungahlin" data-entity-type="file" data-entity-uuid="7b35a7c5-dbee-491a-8ec4-ee41c06505b5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Raya_INT03_Rooftop_FP_3000-1600x0-c-default_0.png?VersionId=mTcDlZi3gAUq_spekHAWlWd5kvCbTiH3" />

Raya comprises 166 one, two and three-bedroom apartments, each with a private outdoor area. Balconies start at eight sqm, with some larger configurations offering upwards of 50 sqm of external space - a feature that aligns with the nearby parklands and active public spaces.

Buyers can secure an apartment now with a five per cent deposit, ahead of the project’s 2027 completion.

[smartcode_project_cta:default project_id=149952]

Raya: Rare apartment living in Gungahlin’s town centre

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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j.ballantyne1990-6AQqhLzZaK

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.
<div>
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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