Augusta Funds Management pays $21.52 million for mixed-use investment in Brisbane’s north

New Zealand’s listed Augusta Funds Management has acquired a mixed-use commercial asset north Brisbane for $21.52 million.

The holding, 255-271 Gympie Road, Kedron, will be the sole asset in a newly created fund.

The investment includes offices, shops and a childcare centre.

The property comprises five buildings, containing a total lettable area of 4579 square metres, fitted as offices, shops and a childcare centre.

Also with 136 car parks, the 8909 square metre block is zoned Neighbourhood Centre – appropriate for medium density residential redevelopment.

It was however targeted to investors – offering a 7.9 year Weighted Average Lease Expiry.

Returning annual rent of $1.44 million – 86 per cent from ASX-listed and blue chip tenants including C&K, Dulux and Ingenia – the Kedron site is trading on a passing yield of 6.7 per cent.

Cushman & Wakefield’s Michael Callow and Glen Wright brokered the deal.

The suburb is about 8.5 kilometres from the Brisbane CBD.

An aerial image showing the site (highlighted) in relation to the Brisbane CBD, 8.5 kilometres away.

Marc Pallisco

A freelance property writer and analyst, Marc is a co-founder of realestatesource.com.au.

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