Property services giant sells HQ with leaseback
A major facilities and property services provider has sold its recently renovated national headquarters with a 10 year leaseback.
Executives for Trident Services Australia banked $8.06 million for 69 Southgate Avenue, Cannon Hill, from a private investor.
On 1084 square metres within the Southgate Corporate Park, the office contains 1184 sqm of A-grade area over two floors.
There are also 18 car parks.
Trident, which turns 40 this year, employs over 2000 people from 40 sites.
69 Southgate Avenue
Trident paid $3.72m for 69 Southgate Ave in 2021 (continues below).
For years before that, the office was occupied by Kyocera.
The on-sale was struck at a 6.68 per cent yield.
It also prices the building area at $6807 per sqm.
“The long-term lease commitment delivers guaranteed rental income from settlement with no vacancy risk, tenant incentive or capital expenditure requirements,” JLL agents, Sam Richards and Jordan Page, said upon listing it for private sale earlier this year.
The deal comes a year since Trilogy Funds sold Natgen 38 Southgate Ave, across the road – with 3489 sqm over three floors – for $22m, a 7.8pc yield.
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