Cromwell buys in Townsville
Cromwell Property Group has purchased the Energy Queensland headquarters in Townsville in north Queensland for around $63.5 million.
The building at "420 Flinders Street, accommodates 500 employees and was constructed as part of the CBD Revitalisation Program in 2013. by the Lancini Group. It has ground floor retail space and more than 7,000 square metres of office space.
The property is leased to Energy Queensland and the National Australia Bank with a 9.3yrs weighted average lease expiry. The acquisition will show a 7.3% initial yield.
Cromwell will house the asset in its Direct Property Fund, a fund for retail investors which produced a 9.8% total return in the year to March 2018. The fund has 8 other investments.