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Investec Sell Brisbane Office

The listed Investec Australia Property Fund has sold its Fortitude Valley office block to Hong Kong interests for $94m, as investor appetite for Brisbane office buildings continues to strengthen.

The 11-storey A Grade office at 757 Ann Street was completed in 2014 and comprises 9,422sqm of fully leased office space offering a WALE of about five years.

The building is occupied by major tenants including ABB Group and Domain and generates approx $6.2m pa in net income. At the sale price of $94m the purchase price reflects a passing yield of 6.6%.

The Investec fund acquired the tower from Office Park Developments for $65.5m in 2014.

Cushman & Wakefield managed the sale process for Investec. The deal follows the sale of 313 Adelaide Street for $155m and news that Deka Immobilien is in due diligence on Central Plaza 2 for around $370m.

#Investec #Commercial