In Adelaide’s largest sale for 2021, the Grenfell Centre, locally known as the Black Stump, has sold for $167 million. The purchasers, in a 50/50 joint venture, are Centuria Capital Group on behalf of a single-asset, unlisted fund and MA Financial Group Ltd on behalf of its two real estate funds, MA SIV Property Fund and MA Diversified Property Fund. Both Centuria Capital and MA Financial Group are paying an equal amount about $83.3 million. The agents for the sale were JLL and CBRE.
The Grenfell Centre is an A-Grade, 26-level office building comprising a retail plaza level (lower ground), ground, basement, and 23 office floors with a net lettable area of just short of 25,000 sqm. Major tenants include PIRSA (Department of Primary Industries and Regions), Australian Prudential and Minter Ellison Lawyers.
The property has traded twice in the previous 5 years, at $125 million in 2016 and at close to $134 million in 2019.