April, 2018: Gold Coast-based fund manager picks up Gateway office building
A Gold Coast-based fund manager has secured a 4-level office building in Gateway Office Park, Murarrie, for $25.5 million, further illustrating the value that blue-chip tenants add to commercial investments.
The building, which was last sold in 2013, is in one of Brisbane’s most coveted commercial locations with immediate access to major road networks, Brisbane Airport and the Port of Brisbane. Multi-national tenants, including Komatsu, Philips, Nestle and Simplot, make up the occupancy rate of 93.35%, with the vendors providing a rental guarantee over the existing vacancies.
‘Properties like this aren’t easy to find,’ said Robert Stanley-Turner, from Box Commercial Estate Agents, commenting on the sale. ‘It’s not just the road, rail and air connections that make this a great investment, but the employment catchment area. The ATC, or Australia Tradecoast precinct, is Queensland’s largest employment zone outside of the CBD and is on track to contribute $9.4 billion to the Queensland economy by 2026.’
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 parking provisions of 212 car parks at a ratio of 1:26 was very attractive to tenants with significant off-site operations.
‘The purchaser has told me that their strategy is to hold the property for between five to seven years by syndicating it to individual investors,’ Mr Stanley-Turner said. ‘It’s early days, but there may be scope for further development on the site also.’
The building has a site area of 2609 m2 and a net lettable area of 5459 m2.
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