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As uncertainty from the coronavirus pervades the business climate Australia-wide, property company Centuria Capital (ASX:CNI) is sticking to its guns on expansion plans for the Queensland market.
The company announced today it would be opening a centrally located Brisbane office in its own 348 Edward Street property, acquired in late 2019 for $89 million.
Centuria has 43 assets in the state with a portfolio value of $1.6 billion, and claims strong growth over the past 12 to 18 months has made the opening of the Brisbane office a "logical move".
The office opens this month with an initial headcount of nine staff and will include David McGuigan, the newly appointed general manager of Queensland who used to be CBRE's head of asset management.
"With the proven growth and growth targets that Centuria are looking to achieve in South East Queensland, as well as the belief in a hands-on approach to managing property, it is perfect timing to establish a Brisbane presence and maintain a local presence," says McGuigan.
Centuria joint CEO Jason Huljich says with Brisbane already making up around a fifth of the company's assets under management (AUM), the city is a favoured market.
"Direct asset management is part of Centuria's DNA," he says.
"The new Brisbane-based team, including asset management, property management, facilities management and distribution staff, are excited about the opening of the 348 Edward Street office and look forward to further expansion of the group in the state."
CNI shares were down 5.39 per cent this morning at $1.93.
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