City of Brisbane buy in Parramatta
The City of Brisbane Investment Corporation (CBIC), has acquired an office building in Parramatta for $44.3 million, with an estimated yield of circa 6.3%
The 5,476sqm, A-grade building at 9 George Street, sits opposite the George Street law courts and comprises seven levels of office space and a ground floor cafe with basement parking.
The vendor, Hadley Green Investment Group acquired the property for $30 million in 2015 for one of its direct property funds. At the time, the acquisition was reported to have been based on an 8% yield.
According to the 2018 Annual Report, the CBIC can hold up to 95% of its investment capital in direct property and has a bias towards the Australian office sector, with 10 direct holdings. During 2018, CBIC acquired 262 Adelaide Street, Brisbane and 99 Georgiana Terrace, Gosford. The portfolio also increased its exposure to the industrial sector through the commitment to the Brisbane City Council’s Field Services Group facility at Eagle Farm, Brisbane.