COF acquired 57 Wyatt Street, Adelaide, a fund-through high-quality boutique office building. The property is currently under construction and completion is expected in the second half of FY23. It was acquired on an as if complete value of $40.2 million, with the developer, Centuria Developments, retaining construction and delivery commitments.

The property was independently valued at $41.6 million3, based on a capitalisation rate of 5.25%. The 4,600sqm building is currently 55% pre-leased and is targeting a five-star Green Star rating. When complete, it will offer A-Grade office accommodation and outstanding tenant amenity including a roof top terrace.

The site adjoins the Centuria-managed 80 Flinders Street office building and car park.