Australian Unity suffers major hit on office sale
Australian Unity has sold a vacant Brisbane office on its second attempt.
The last asset from the Australian Unity Office Fund (AOF), 150 Charlotte Street, fetched $40 million.
Dexus is speculated to be the buyer, in a value-add play.
The deal comes eight months since Australian Unity terminated a sales contract agreed in mid-2024 for $61.5m, which was increased to $63.5m when the buyer failed to settle.
AU retained part of the deposit, $4.8375m.
The property was reoffered for public sale in September.
Knight Frank’s Justin Bond and Matthew Barker were the agents.
Also this week we are reporting Australian Unity sold a major Sydney medical centre to April Group and MaxCap.
150 Charlotte Street
The 18 level Charlotte St office contains 11,076 square metres rated A-grade.
Average floorplates spread 740 sqm (continues below).
The building has 100 car parks and a 4-star NABERS Energy rating.
The site spreads 1679 sqm.
Australian Unity paid Singapore’s Trust Capital Advisors $105.75m in October, 2017.
At the time the office was fully occupied, with a 5.7 year weighted average lease expiry. Boeing and the federal government contributed to 75 per cent of income.
Last December, vacant, it was independently valued at $45m.
The deal comes 18 months after AOF sold a Beenleigh asset for $29.7m.
That property had cost $33.5m three years earlier, mid-construction.
In 2024, AOF shed a St Kilda Road, Melbourne, investment, for $42.55m against a $62m valuation.
Meanwhile in 2023, AU divested Adelaide’s Centre of Defence at Osborne Park for a loss on its 2020 outlay.
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