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Investor Pays $64 Million For Premium Asset In Brisbane’s Fortitude Valley Precinct

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Investor Pays $64 Million For Premium Asset In Brisbane’s Fortitude Valley Precinct

Located at the gateway to the Fortitude Valley precinct, approximately 750 meters from the Brisbane CBD, the asset was sold by JLL on behalf of AM Valley Heart Pty Ltd, representing a net passing yield of 6.58 per cent.

Duncan Street’s asset comprises a commercial car parking facility for 464 vehicles, 2,816 square metres of office and 1,310 square metres of retail and substantial redevelopment potential of up to 30 levels.

The International Expressions of Interest campaign conducted in conjunction with CBRE generated significant interest with in excess of 200 enquiries from a diverse capital base, many of who were enticed by the asset’s strong tenant covenants, significant underlying land value as a 4,183 square metre site and multiple redevelopment options.

31 Duncan Street is 96 per cent by income leased with an 8.9 year WALE.

Around 62 per cent of the asset’s income is underpinned by a fifteen year lease to Secure Parking, which expires in 2031.

“The asset had the unique benefit of strong cash flow fundamentals and significant underlying land value,” JLL Director of Queensland Sales & Investments Luke Billiau said.

31 Duncan Street is situated in Brisbane’s Urban Renewal Precinct, which has consistently outperformed wider occupier markets, registering a 127.4 per cent increase in occupied stock. According to JLL, this outperformance has continued over the past twenty-four months with office vacancy decreasing five per cent from its January 2015 peak to 9.9 per cent.

Originally Published: www.theurbandeveloper.com

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Commercial

Dexus Snaps Up Brisbane Audi Centre for $91.2m

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Dexus Snaps Up Brisbane Audi Centre for $91.2m
Property giant Dexus has purchased the Audi Centre and the Euro Marque complex in Fortitude Valley in Brisbane’s inner north.

Dexus has paid $91.2 million for the property located at 570-586 Wickham Street, realising an initial 6 per cent yield.

The property comprises two adjoining, purpose-built automotive dealerships known as Lighthouse, constructed in 2011, and the Euro Marque building, built in 2006.

The 7,123sq m site has been home to high-end brands such as Audi, Lamborghini, Maserati and Bentley.

Currently, the property features 13,288sq m of office and showroom space across two levels and a hardstand and external area of 2,556 square metres.

CBRE’s Mike Walsh, Peter Court and Tom O’Driscoll, in conjunction with Glen Wright and Nick Spiro of Cushman & Wakefield, were appointed to market the 570-586 Wickham Street property.

Walsh described the deal as a “landmark transaction” for Brisbane’s fringe market.

Nine offers were reported from local and offshore property companies eager to maximise the site’s underlying value.

The site has attracted strong interest due to its future development potential of up to 20-storeys.

An important part of the deal was the lease recommitment last year by the ASX-listed Autosports Group to the end of 2026 plus two five-year options.

Dexus, Australia’s largest landlord, will now collect a net passing income of $5.472 million a year.

Source: theurbandeveloper.com

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Commercial

Clarence Property Buys Brisbane Shopping Centre for $31.25m

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Clarence Property Buys Brisbane Shopping Centre for $31.25m
Property funds manager Clarence Property’s unlisted Westlawn Property Trust has acquired The Zone Shopping Centre at Underwood for $31.25 million.

The 2.85-hectare retail complex is home to national retailers including OfficeWorks, Rebel Sport and Good Price Pharmacy.

Located on the corner of Compton and Kingston roads, the centre benefits from a high-profile position in a high growth catchment between Brisbane and the Gold Coast.

This is the sixth acquisition for WPT, with other commercial and retail assets purchased in Hamilton, Spring Hill and Northgate totalling $34.74 million since October 2017.

Clarence Property managing director Peter Fahey marked Underwood as a good fit for WPT, which has more than $250 million in assets between Yamba and the Sunshine Coast.

“Our target asset allocation for WPT is about 30 to 45 per cent retail, with a focus on high yield neighbourhood shopping centres in growth regions,” he said.

Clarence Property’s flagship unlisted Westlawn Property Trust is also offloading a retail centre in Robina with a price tag of $30 million.

Located on a 20,407sq m in Robina, the centre is currently 94 per cent occupied and delivered an 18.6 per cent return to investors in 2017.

Source: theurbandeveloper.com

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Commercial

Clarence Property Buys Brisbane Shopping Centre for $31.25m

Published

on

Clarence Property Buys Brisbane Shopping Centre for $31.25m
Property funds manager Clarence Property’s unlisted Westlawn Property Trust has acquired The Zone Shopping Centre at Underwood for $31.25 million.

The 2.85-hectare retail complex is home to national retailers including OfficeWorks, Rebel Sport and Good Price Pharmacy.

Located on the corner of Compton and Kingston roads, the centre benefits from a high-profile position in a high growth catchment between Brisbane and the Gold Coast.

This is the sixth acquisition for WPT, with other commercial and retail assets purchased in Hamilton, Spring Hill and Northgate totalling $34.74 million since October 2017.

Clarence Property managing director Peter Fahey marked Underwood as a good fit for WPT, which has more than $250 million in assets between Yamba and the Sunshine Coast.

“Our target asset allocation for WPT is about 30 to 45 per cent retail, with a focus on high yield neighbourhood shopping centres in growth regions,” he said.

Clarence Property’s flagship unlisted Westlawn Property Trust is also offloading a retail centre in Robina with a price tag of $30 million.

Located on a 20,407sq m in Robina, the centre is currently 94 per cent occupied and delivered an 18.6 per cent return to investors in 2017.

Source: theurbandeveloper.com

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