Centuria has announced its intention to place the Zenith, at 821 Pacific Highway Chatswood NSW on the market with price expectations of over $400M. The property consists of two A-grade office towers of 21 levels with 44,102sqm of office space on a 7,990sqm site. The towers are connected by an atrium, with a childcare centre, conference facilities and end-of-trip facilities. The property has a WALE of 4.4 years and recently reached 100% occupancy in December 2018 with key tenants Property NSW, Lendlease and the Federal Government.
The property was acquired for $279M in July 2016 from previous joint owners Dexus and the GPT Wholesale Office Fund. The unlisted Centuria Zenith Fund owns 50% of the property in conjunction with BlackRock who own the other 50%. Based on a sale price of over $400M, investors in the Centuria Zenith Fund are expected to receive strong capital gains of over 40% since the Fund was established two and half years ago.