Arcana snaps up Brisbane, Perth offices
Arcana Capital, co-directed by former Queensland premier Campbell Newman, has acquired two modern offices for a trust now seeking investors.
In the biggest deal, the fund manager is outlaying $13.55 million for 35 Miles Platting Road, Eight Mile Plains.
On 3700 square metres, part of the Brisbane Technology Park, the two storey building contains 2046 sqm of area, fully let to 11 groups, and 57 car parks.
Convenience chain 7-Eleven is the anchor, occupying 28 per cent of the office space on a lease expiring in 2028.
It also has naming rights.
The property’s Weighted Average Lease Expiry is 3.16 years
Cushman & Wakefield’s Mike Walsh and Peter Court were the agents.
The vendor paid $8.81m in 2017.
Perth office
Meanwhile in Perth’s CBD, Arcana is outlaying $12m – $500,000 less than the asking price – for 190 Stirling Street (pictured, top).
With 2795 sqm, refurbished in 2009, this asset is anchored to the state government’s Department of Communities until 2029.
NDIS providers Claro Aged Care and Disability Services, Hope Community Services and Abbott Native Title Trustees are amongst the other occupiers (story continues below).
It also contains 36 car parks.
The 2737 sqm site is zoned Mixed Use.
Cygnet West’s Wayne Laurence and Tory Packer represented the vendor, a Scope syndicate, which outlaid $4.4m in 2004 for it and a neighbouring car park, on 1220 sqm.
The divestment reflects a 7.74pc yield.
Arcana on fire
Arcana will hold the Perth and Eight Mile Plains assets in the Capital City Office Unit Trust, which is offering a 7.25pc first year distribution.
Last month we reported the fund manager, for a different trust, outlaid $6.6m for warehouses in Brisbane’s Silky Oak, in the Cassowary Coast region, all up covering 1.36 hectares.
Also last year the group acquired a 1.98 hectare industrial development site in Kalgoorlie.
It has sold properties too including, six months ago, a small Bribie Island shopping centre for $9m, reflecting a 5.49pc yield.
Not long later, it divested a Toowoomba childcare centre for $5.75m – an impressive windfall on the $3.5m it paid, on behalf of a syndicate, in 2019.
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