Ascot expands in Brisbane with $27.7m office

The office from Lytton Road. Source: Google Street View.

Ascot Capital has purchased another Brisbane office investment, this time in east Murarrie.

The 48 Miller Street headquarters of electric vehicle charging station provider, Tritium, is costing $27.672 million.

Vendors Alceon Qld and Keystone Private paid $16.3m in 2019, then extended – the asset now contains 3929 square metres of lettable area and unique testing infrastructure.

On an 8184 sqm site also at the south east corner of Creek and Lytton roads, it includes 117 car parks.

Tritium recently re-committed, for eight years.

CBRE’s Jack Morrison and Peter Chapple represented the vendor, a joint venture.

The negotiation with the Perth buyer was struck at a 6.43 per cent yield.

“Investment grade properties such as 48 Miller St which offer strong lease terms, continue to be keenly sought after, as investment funds and syndicates seek out assets that provide dependable returns to their investor base,” Mr Morrison said.

“The demand for quality investment product far outweighs supply, creating a competitive environment for assets offering income security,” he added (story continues below).

Last May Ascot paid $35.25m for Yeerongpilly’s South Regional Business Centre, a modern office tenanted to Brisbane City Council.

That suburb is nine kilometres south of the CBD.

Murarrie is about 12km from town.

Tritium was established in Brisbane 20 years ago.

It holds a c50pc share of the fast-charging equipment sector in the world-leading market of Norway. Globally, its stake is 15pc.

The company also operates from offices and factories in Amsterdam (representing Europe) and Los Angeles (the Americas).

Alceon director Todd Pepper said the tenant “is an incredibly exciting Australian business” with which it “was pleased to partner…to deliver the Murarrie expansion, positioning the facility to house Tritium’s operations for the long-term as the group continues to grow its global footprint”.

Ten months ago Ascot and Sentinel Property Group sold a Brisbane industrial property for $15.5m.

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco