Melbourne-based property fund manager Forza Capital has bought its second building in Brisbane's fringe office market, a three-level office block at 55 Russell Street in South Brisbane for $23.65 million.
The acquisition represents a capital value of $5,795/sqm and a fully leased yield of 6.8%.
The vendor was the family company of Paul and Glynnis Williams of West End, who have owned the property for some time.
The 4081sqm three storey building has basement parking for 55 vehicles and is tenanted by Queensland Indigenous Substance Misuse Council and other Government Departments. Approx 1,460sqm is currently vacant. The property has a five-year weighted average lease expiry.
The fund manager also owns a 11,300sq m building nearby at 10 Browning Street, which it acquired in 2016 for $65.5 million.