Pirie Street Trust
A high yielding A-Grade asset located in the heart of the Adelaide CBD.
- Bids close: 30 May 2025 (or earlier if fully subscribed)
- Applications open: 2 June 2025
- Funding due: 20 June 2025
Centennial is excited to provide the opportunity to invest in 63 Pirie Street – a prominent office tower located in the absolute heart of the Adelaide CBD.
63 Pirie Street offers a unique investment opportunity combining an A-grade asset bought on extremely attractive metrics in an early countercyclical market cycle, allowing for ~10% p.a. avg target distributions over the investment term.
Purchase price reflects less than half of replacement cost at $50.5m and a 16%
discount to last contracted sale price in 2022.
An A-Grade office with 11,329 sqm of quality workspace and significant embedded value in the existing high quality fitouts.
High quality tenant profile with high tenant retention history, strong diversity of tenant industry and staggered leasing profile.
Significant opportunity to reposition the asset’s profile in the market and capture market rental growth as ‘flight to quality’ continues.
~10% p.a.
Target average distribution yield
~15% p.a.
Target IRR
5 to 7 year
Investment term
Acquired at less than half of replacement cost
Opportunistically acquired
3.7 year WALE by income
With upside following near term leasing potential
Central CBD Position
Positioned on high profile street corner in the hear of the Adelaide CBD
Asset overview
A-Grade office with 11,329 sqm of quality workspace, positioned in the heart of the Adelaide CBD.
The asset comprises 11,329 sqm of GLA, over 11 levels with basement parking.
Major tenants include Bentleys, Cowell Clarke, Lockheed Martin and Macquarie Group, the asset has a high quality tenant profile with strong tenant retention and diversity of tenant industry and staggered leasing profile.
The property is undergoing an active repositioning strategy with multiple value-add options available to lift the building profile and capture market rental growth.
Location overview
Positioned on a high profile street corner in the heart of the Adelaide CBD, connected to retail, green space and a wide range of amenity.
Located on the corner of Pirie Street and Gawler Place, 63 Pirie Street offers excellent transport options including tram, rail and bus options.
The asset capitalises on increased foot traffic upon completion of nearby office development and refurbishments including 83 Pirie Street, 45 Pirie Street and 30 Pirie Street.
Adelaide’s iconic Rundle Mall retail, dining and entertainment precincts are all within walking distance.
Register interest
Complete this form to register your interest in the Centennial Pirie Street Trust and our Investor Relations team will be in touch.
Get in touch
Should you have any queries, please get in touch with our Investor Relations team below.
Lyle Hammerschlag
Executive Director of Private Wealth
Dylan Tomkins
Director of Wealth Management
Nelmari Oelofsen
Investor Relations Manager
This part of Centennial Property Group’s website has been prepared by Centennial Property Group Pty Ltd (ABN 26 151 746 977) and Centennial Financial Services Pty Ltd (ACN 162 617 843, AFSL 436802) (together Centennial). It does not take into account your objectives, personal circumstances or needs. Nor is it an offer of securities. The information memorandum for the relevant financial product will contain full details of the terms and conditions of investment and should be read in full, particularly the risk section, prior to lodging any application. All investments involve risk and can lead to loss of your capital or diminished returns. Centennial is only licensed to provide general financial product advice about its products and recommends that after you receive the information memorandum for this financial product, you seek advice on the suitability of the investment outlined in this document to your objectives, financial situation and needs from your professional advisers.
