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 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.
The suburb is about 8.5 kilometres from the Brisbane CBD.