Gain exposure to an A-grade office tower located in Australia’s largest and deepest office market.
The Centuria Sydney CBD Prime Office Fund will invest in an institutionally developed, owned and managed office tower that will be acquired at an attractive entry point – giving investors the opportunity for regular, monthly income today along with the potential for capital growth over the medium-to-long term.
target average distribution, paid monthly1
target IRR (post fees, pre tax)2
tax-deferred for FY273
tax-deferred in FY28 to FY313
Today’s office market is no longer moving as one. Demand is concentrating in high-quality, well-located buildings with strong amenity and transport accessibility, while secondary buildings face greater leasing and capital expenditure challenges.
In this environment, selectivity matters. It creates rare opportunities to acquire high quality assets that have been temporarily mispriced. Centuria believes it has found one such opportunity in 680 George Street and 50 Goulburn Street, Sydney (property or asset).
This prime-grade office tower in Sydney CBD represents a counter-cyclical investment opportunity. This is not a broad bet on an office recovery. It is a targeted allocation to a landmark Sydney CBD asset, chosen after 13 years of restraint, at a point in the cycle where uncertainty has created opportunity.
Given Centuria’s conviction in this Fund, it is electing to take management fees in the form of units, building a growing co-investment alongside investors over the Fund term.
The Fund has a well-considered investment proposition, driven by numerous underlying factors. Key reasons to invest include:
The Fund will be managed by an experienced team with a proven track record of navigating various market cycles.
The team were also directly involved with some of Centuria’s past successful unlisted office funds, such as 10 Spring Street Sydney, 175 Castlereagh Street, Sydney and The Zenith, Chatswood, which achieved IRRs of between 20-30%.
Joint CEO
Chief Investment Officer
Co-Head – Unlisted Funds
| Minimum offer amount | $268,015,823. If the minimum offer amount is not raised by the offer close date, Centuria may decide not to proceed with the offer. |
|---|---|
| Minimum investment | $100,000. Centuria may accept lower amounts at its discretion. |
| Investment term | Initial 5-year term with options to extend by resolution of investors. |
| Offer open date | 18 May 2026 |
| Offer close date | Once fully subscribed |
All dates are indicative only and subject to change. Centuria may shorten or extend the Offer period.
A landmark Sydney CBD office tower that includes two buildings at 680 George Street and 50 Goulburn Street.
This prime-grade office property aligns directly with current occupier requirements – high quality workplace, transport-led accessibility and amenity-rich surroundings.
Completed in the 2005, both buildings have recently undergone significant refurbishment. From the lobby onwards, it has a high-quality presentation, premium end-of-trip and wellness facilities and a sustainability profile built for the modern occupier. Its large floorplates are flooded with natural light and upper levels deliver 360-degree city-skyline and harbour views, reinforcing the asset’s ‘landmark’ appeal.
Complete the form to register your interest and receive a copy of the Information Memorandum as soon as it becomes available.
*indicates a required field.
1. The distribution forecast is for the first two financial years from the assumed settlement date of the property on 1 September 2026 to 30 June 2028. The subsequent three-year and two-month period ending 31 August 2031 are distribution targets. Forecast distributions shown are annual and pre-tax. Distributions will be paid if declared by Centuria Property Funds No. 2 Limited and will be subject to the terms, assumptions and risks set out in the Information Memorandum (IM). The forecast distribution rate is predictive in nature and is subject to assumptions, risks and circumstances (both known and unknown) outside of the control of the Fund. These assumptions include that all tenants will satisfy their contractual obligations under their respective leases within a timely manner, there are no significant unforeseen capital costs or material changes to the Fund’s financial obligations. The actual returns may differ from the target/forecast return. Centuria does not guarantee the performance of the Fund, the repayment of capital or any income or capital return. Past performance is not reliable indicator of future performance. In addition, given the current volatility in interest rate forecasts, should interest rates normalise at higher (or lower) than forecast levels, target/forecast distributions may be revised.
2. Modelled target Internal Rate of Return (IRR) applying assumptions including terminal capitalisation rates for the property. The modelled target IRR is subject to due diligence and the modelled return is not a forecast and is provided for the information of financial advisers and wholesale investors only. The modelled target IRR is net of fees, pre-tax and based on Centuria’s acquisition modelling but is highly contingent on the key future assumptions, which are not contracted or certain. No guarantee is made that the modelled target IRR, or any of the assumptions and variables used to calculate the IRR, will be achieved and the actual IRR may differ materially from the modelled IRR.
3. Projected tax deferred distributions are estimates only and subject to Australian taxation law and the Fund’s future performance. Tax deferrals will reduce an investor’s cost base for CGT purposes.
4. Based on an independent valuation, the Property Interest is being acquired at a market capitalisation rate of 7.50%. Recent Sydney CBD office transactions have occurred at yields closer to 5.50%–6.50%.
5. Source: JLL Research 2026.
6. Midtown recorded approximately 33,000 sqm of net absorption in 2025, the strongest of all Sydney CBD precincts. Source: JLL Research 2026.
7. As at 28 April 2026.
8. Weighted average lease expiry (by net income) as at 1 September 2026 and inclusive of a 24-month gross rental guarantee over 12% of NLA and 159 car bays.
Risks: All investments in unlisted property funds carry risk. As the Fund invests in commercial office property it carries market and property risks associated with investing in this sector. As a geared investment, the Fund also carries associated financial and leverage risks. Risks can impact on distribution and capital returns over the term of the Fund. It is important that you read the Information Memorandum and understand the risks of investing. Centuria and its associates will receive fees in relation to an investment in the Fund as disclosed in the Information Memorandum. Investment in the Fund is subject to risks including possible delays in payment or loss of income and principal invested. None of Centuria, its associates or directors guarantee the performance of the Fund, the repayment of capital or any income or capital return. Past performance is not indicative of future performance.
Disclaimer: Centuria Property Funds No. 2 Limited ACN 133 363 185 AFSL 340304 (Centuria) is the responsible entity for the Centuria Sydney CBD Prime Office Fund ARSN 696 580 533 (Fund). Centuria is a wholly owned subsidiary of the Centuria Capital Limited ACN 095 454 336 (Centuria Capital Group) (ASX:CNI). It is intended that an Information Memorandum (IM) for the Fund will be issued on or around 28 April 2026. You should obtain and read a copy of the IM relating to the Fund before making a decision to invest. The IM for the Fund will be made available from Centuria’s website (www.centuria.com.au). The information in this communication is general information only and does not take into account the objectives, financial situation or particular needs of any person. You should consider whether this information is appropriate for you and consult your financial or other professional advisor before investing. You may contact Centuria by email at contactus@centuria.com.au or telephone 1300 22 44 24.
