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AsheMorgan in DD on Oxford Brisbane Assets
June 5, 2019
Ashe Morgan are reportedly in final stages of due diligence to acquire Oxford's 3 commercial assets in Brisbane, bounded by Ann, Creek and Adelaide Streets in a deal expected to be cut at around $430m.
The 3 assets comprise;
295 Ann Street - a high quality office building which has recently undergone a major refurbishment to the lifts, entrance lobby and facade. The building comprises 20,118sqm of commercial space over 16 levels. As at June 2018, it was generated a net income of $7.0M with 2,875sqm of vacant space. Assuming the transaction price for the portfolio is confirmed and the proportionate values reflect Oxford's book value, this asset will likely trade at circa $150.3M reflecting a 5.8% cap rate.
140 Creek Street - a 25 level modern A-Grade office building providing 27,914sqm of NLA. As at June 2018, the property generated a net income of $10.0M. As per above, we estimate this asset will likely trade at circa $257.5M reflecting a 5.5% cap rate.
232 Adelaide Street - A B Grade Heritage building providing 4459sqm of commercial space and generating $1.2M in net income in FY2018. As above, we estimate the property will trade for $22.2M, reflecting a cap rate of 6.5%.
Ashe Morgan have been sourcing large transactions in recent years having secured an overseas mandate. In July 2017, the group acquired 9 Hunter Street for circa $200M and in December 2018, they secured the Casuala Homemaker Centre for $140M.
These latest Brisbane transactions bring the total sales in the Oxford / Investa platform to circa $2.2Bn since February 2019.