Centuria Add 348 Edward Street Brisbane


Centuria have acquired 348 Edward Street Brisbane from the Hines Group for $89m.

The A-Grade asset is only 89% occupied with a range of tenants offering a 5.1yr WALE. The building was recent upgraded with improvements to the lobby, EOT and plant and equiptment however it has retained a 2.0 NABERS Energy Rating.

Hines acquired the asset in December 2016 for $49m (an equivalent yield of 8.53%), knowing that IBM (who leased for 70% of the building) would be vacating the property.

The Centuria deal reflects an equivalent yield of approximately 6.5% and delivers Hines Group a $40m capital gain over the past 3 year holding period.

Centuria will house the asset in a new unlisted fund which aims to deliver a distribution yield of 6.25% in FY20.

The Brisbane market has seen $1.3bn of office deals in 2019 including, 140 Creek Street at $257m, 310 Ann Street at $220m and 295 Ann Street at $150m.

The Edward Street asset was sold via CBRE and JLL.

Location Plan:

#Centuria #Commercial

Capital Management Australia

PO Box R1254

SYDNEY   NSW   1225

Tel: +61 412 173 476

Email: warwick@cmaust.com

ABN: 32 610 910 819

AFSL: 493605

  • LinkedIn Social Icon
  • Wix Facebook page
  • Wix Twitter page
  • Wix Google+ page

Capital Management Australia

© 2016 by Trademark.

Our Expertise, Our Privilege
Your Capital, Your Choice