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Sentinel Disposes Of Banyo Facility For $37 Million



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Sentinel Property Group has sold a warehouse leased to a subsidiary of BlueScope Steel in the Australia TradeCoast precinct on Brisbane’s northside.

Located on a 47,880sq m site at 920-928 Nudgee Road, Banyo, the steel processing and distribution facility was leased long-term to BlueScope until 2026.

The sale was negotiated by CBRE’s Ed Bull and represented a yield of around 6.70 percent. Sentinel acquired the Banyo site in April 2011 for $23 million.

Sentinel managing director Warren Ebert noted that the group had both bought and sold industrial property in the prime TradeCoast precinct, recently purchasing a waterfront bulk storage facility at nearby Pinkenba for $48.5 million in a leaseback arrangement with global diversified industrial chemical company Incitec Pivot.

“Our decision to sell this high performing asset is consistent with Sentinel’s strategy of buying at an opportune time and then selling based on our view of the market,” Ebert said.

The average prime yields in Brisbane’s industrial market now sit between 6.75 percent and 7.25 percent, reflecting limited on-market opportunities for quality stock.

The property comprises approximately 17,000sq m of warehouse and office space. The property is 10 kilometres from the Brisbane CBD, adjacent to the Brisbane Airport, and has direct access to the Gateway Arterial Motorway.

The facility offers an opportunity for further expansion with only 36 percent site coverage.

Brisbane-based Sentinel Property Group has a total national portfolio of more than 40 retail, industrial, office, land, tourism infrastructure and agribusiness assets across Australia, worth over $1 billion.

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QUT Buys $84m Kelvin Grove Office Building



QUT Buys $84m Kelvin Grove Office Building
Queensland University of Technology has snapped up an A-grade office tower in the heart of Kelvin Grove’s Urban Village.

The seven-storey building is a cornerstone building of the inner north Brisbane business hub and has gone unconditional to the main tenant, QUT, with settlement due in April 2018.

QUT leased 9,474sq m from the Queensland-based Cromwell Property Group in the building prior to the acquisition.

In an ASX statement Cromwell chief executive Paul Weightman said Musk Avenue had been a strong 10-year investment.

“Musk Avenue is another example of Cromwell’s ability to invest wisely and actively manage our assets. We continuously review our property portfolio to deliver optimal returns for our investors,” Weightman said.

At its half-yearly results in February, Cromwell announced pro-forma gearing of 38.9 per cent exclusive of the contracted sale of the property.

The office building comprises ground floor retail, six floors of office space and 217 basement carparks.

The 14,144-square metres of net lettable area is leased to QUT, Boral Resources and three ground floor retail tenants.

The building has a 5-Star Green Star Rating and a 5.5-Star NABERS Energy Rating.

On Thursday, Singapore-based ARA Asset Management Limited picked up a 19.5 per cent stake in Cromwell in a deal worth $405 million.

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Iconic Queensland Pub the Normanby Hotel Up for Sale



Iconic Queensland Pub the Normanby Hotel Up for Sale
One of Brisbane’s iconic pubs, The Normanby Hotel, has hit the market for the first time in nearly twenty years with price expectations north of $20 million.

Located at the high profile Normanby Fiveways in inner-Brisbane’s Red Hill it has been co-owned by Michael Dempsey and Otto Wilhelm since 1999.

Built in 1890, the heritage-listed hotel consists of an enormous 3,655 square metre site incorporating the multi-level heritage listed pub and a huge car park. It was added to the Queensland Heritage Register in 1992.

Dempsey said he was selling the hotel in order to concentrate on his core business of property technology through real estate property management software, Console.

He sold his electronics payments business Ezidebit for $305 million in 2014.

The Normanby Hotel freehold and pub operation is being offered for sale by CBRE Hotels.

“The hotel boasts huge underlying value with 35 gaming machines on site offering significant gaming upside potential,” CBRE Hotels’ Queensland director Paul Fraser said.

“On top of this, the prime location of the hotel and the huge expanse of land this asset offers makes it an obvious development play in the future.”

In 2016, a proposal by The Normanby Hotel to build a 15-storey development and underground nightclub next to the hotel was rejected by Brisbane City Council’s City Planning Committee.

The building, which would have contained 14 units, a hotel, short-term accommodation, a nightclub and a shop, was planned to be built on the Normanby Hotel’s car park. The committee voted unanimously in favour of opposing the plans on the basis of the height and size of the proposed hotel tower.

The Normanby Hotel also used to house one of Brisbane’s most well-known trees, a 100-year-old fig tree, that had to be removed from the site in 2016 after a severe storm knocked it over.

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Sydney to Hobart veteran Peter Harburg selling remaining $150m properties



Sydney to Hobart veteran Peter Harburg selling remaining $150m properties Read more: Follow us: @FinancialReview on Twitter | financialreview on Facebook

Sydney to Hobart sailing veteran Peter Harburg has made a call to sell two of his last major office towers in Brisbane worth well over $150 million, including Westpac’s local headquarters.

Mr Harburg, who has completed 12 Sydney to Hobart races in the famous Blackjack yacht, said the market was strong and that influenced his decision to sell out.

“I’m 76 now and I think it’s time to start doing more important things like sailing boats and driving cars,” Mr Harburg told The Australian Financial Review.

“The market is very strong at the moment – it’s a supply and demand thing and at the moment the demand is very strong and this has certainly helped influence the decision to sell.”

Peter Harburg on his boat Blackjack. "I'm 76 now and I think it's time to start doing more important things like sailing ...

Peter Harburg on his boat Blackjack. “I’m 76 now and I think it’s time to start doing more important things like sailing boats.” Glenn Hunt

Mr Harburg acquired a number of Brisbane office buildings over the years, including 50 Ann Street which he has since sold for $131.8 million to Asian group Capital Trust and 348 Edward Street Brisbane which he sold to US property group Hines for about $50 million.

Now his private investment company Harburg Investments has appointed CBRE’s Bruce Baker, Tom Phipps and Flint Davidson to steer the sale of his remaining CBD assets – 260 Queen Street and 95 North Quay – with the assets to be offered either as a portfolio or individually.

Mr Baker said the campaign was expected to attract significant interest given that both properties were extremely well located and offered different income streams and capital-related outcomes.

“Last year was a very active year for the Brisbane office investment market, with new investors and foreign capital attracted by the comparatively attractive yield spread to Sydney and Melbourne,” Mr Baker said.

“A well-researched consensus is that Brisbane offers net effective rental growth going forward over the next five years, with Brisbane having become the second fastest growing white-collar employment market in the country.”

The boutique A-grade building at 95 North Quay, in Brisbane's legal precinct, is predominantly occupied by barristers ...
The boutique A-grade building at 95 North Quay, in Brisbane’s legal precinct, is predominantly occupied by barristers and legal professionals and provides a current net lettable area of 8710sq m. Supplied

Key drawcard

The agents describe the tower at 260 Queen Street – occupied by anchor tenant Westpac since it was constructed – as an “iconic core office asset and arguably Brisbane’s best located asset”.

The building has a net lettable area of 13,300 square metres and offers large 1000sq m podium floor plates with 20 high-rise floors above.

A prime retail amenity is located on the ground floor, the majority of which is occupied by Westpac as a retail banking chambers.

“The building’s super prime Queen Street location near Central Train Station and the Queen Street Mall shopping precinct will be a key drawcard for prospective purchasers and tenants alike,” CBRE’s Mr Phipps said.

“There is existing development approval for a glass box-style podium refurbishment as well as the potential to extend the existing floor plates and/or reconfigure the retail space.”

The boutique A-grade building at 95 North Quay, in Brisbane’s legal precinct, is predominantly occupied by barristers and legal professionals and provides a current net lettable area of 8710sq m.

“While the building is currently 58 per cent occupied, there is a clear opportunity to ‘re-set’ the asset to capitalise on Brisbane’s improving occupier market,” Mr Phipps said.


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