December, 2016: Eight Mile Plains office building sold to major funds manager
A fully leased office building in Eight Mile Plains has changed hands to a Brisbane-based funds manager with a focus on grouped investment.
The ASIC-listed fund manager paid $12.5 million for the block in the master-planned Brisbane Technology Park (BTP), in Eight Mile Plains, 15 kms from Brisbane’s CBD. The near-new building is 100% leased to four major tenants, including one of Australia’s leading suppliers of broadband services, and a security company with more than 5000 staff Australia-wide.
Commenting on the sale, Robert Stanley-Turner from Box Commercial Estate Agents said, ‘BTP is close to the Gateway Motorway, which leads to the airport, and the Pacific Motorway that runs from the Gold Coast to Brisbane. This part of Queensland is a booming population centre and BTP boasts tenants like Siemens, Johnson & Johnson and Transurban.’
Melbourne-based Box Commercial consults to property syndicators across Australia, monitors sales and trends in group investments and refers individual investors to investor groups.
Mr Stanley-Turner also said that the building’s intelligent design and ease of access, as well as the high-quality management in place at BTP, contributed to the strong tenant demand.
‘The WALE is good but just as important are the fundamentals of this building and the location itself,’ Mr Stanley-Turner said. ‘Lots of natural light and the latest building technology, including sub-dividable floor plates—and there are over 100 car parks. Imagine how much that saves the tenants, as compared with CBD locations.’