Abacus trade Gold Coast Office
Abacus Property Group has sold an investment at 169 Varsity Parade on the Gold Coast for $14 million.
The single level 3,364 sqm office building sits on a 1.3-hectare site in front of Lake Orr at Varsity Lakes. The buildings are leased to NBN Co and Bank of Queensland generating a net income of approx $1.2 million. The sale to a local investor reflects a passing yield of 8.4%.
Abacus acquired the asset for $12m in 2007 along with another at nearby 1 Bellvue Drive for $11M, both from Weinert Group of companies.
Abacus held the asset in a wholesale fund and are reported to have generated a 17% return to investors over the period.
The sale was negotiated by Ray White.