Aviator swoops on another Queensland office
Aviator Capital has boosted its regional portfolio buying an office in the town considered North Queensland’s capital.
The dual Brisbane-Sydney based fund manager has paid $13.4 million – a nine per cent net passing yield – for 19-49 Stanley Street, Townsville.
Sentinel Property Group was the vendor on behalf of the Regional Office Trust.
It paid $10.98m in February, 2020 – the month before the country went into a national lockdown.
CBRE’s Neville Smith and Nick Wedge with Knight Frank’s Paul Dury and Matt Barker brokered the on sale.
The deal comes five years since we reported Aviator acquired its maiden Townsville asset – the nearby Urban Corner at 71 Stanley St – a former supermarket converted into a commercial building.
That property cost $17.05m.
The fund manager also owns the Brisbane Club tower and the former Bendigo Bank building at Ipswich (continues below).
North Queensland’s economic capital
Aviator’s latest office contains about 2504sqm of lettable area over three floors; the NABERS Energy and Water rating is 5.5-star.
Fully leased, tenants include the Department of Education, Dyno Nobel, PriPark and Rabobank – the latter which has branding rights.
The space is marketed as A-grade.
Attached to the office is a two level car park with 134 bays.
The site spans 2409 sqm, all up with 63 metres frontage.
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