April, 2016: two office buildings in prime locations in outer Brisbane industrial estates have been sold to a major fund manager for close to $40 million dollars.
The properties, both in established commercial precincts, are fully leased and comprise two freehold sites.
The first property, a two-level modern office building in BTP Westlink Green Darra, 18 kms from the Brisbane CBD, provides 2,997m2 of A-grade office accommodation and parking for 108 vehicles. It includes a lift and three separate staircases, carpet tiles, ducted and zoned air conditioning, kitchenettes, entrance foyers, end of trip facilities and ample natural light.
The other property is made up of two stand-alone office buildings in Brisbane Technology Park (BTP) in Eight Mile Plains, 15 kms from Brisbane’s CBD. Together they provide a combined 5,264m2 of net lettable area and 154 car parks, and include multi-zone stepped ducted air conditioning, swipe card entry to buildings and car park, internal elevators, fire services and security system. External improvements include concrete hardstand driveway and car parking, mature landscaping, hoarding and pylon signage.
Commenting on the sale, Robert Stanley-Turner from Box Commercial Estate Agents said, ‘This was a great pick up for the funds manager because the income is secured by four quality commercial tenants with average lease terms of 5.6 years.’
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 demand from tenants continues to be strong in well-managed business parks in Brisbane’s southern suburbs.
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