Charter Hall Long WALE REIT pays LaSalle Investment Management $63.6 million for Upper Mount Gravatt office

Charter Hall’s Long WALE REIT is paying $63.6 million for a suburban Brisbane office built in 1992 for the Australian Taxation Office, which is still the occupier.

The Upper Mount Gravatt building at 28 McGregor Street is being offloaded by US-based LaSalle Investment Management, which paid $57 million for it in 2016.

The six-storey office was built for the Australian Taxation Office in 1992.

Rising six-levels, the building contains 14,286 square metres of A-grade commercial space and 401 car parks.

It occupies a 1.2 hectare site, about 12 kilometres south east of the city centre.

In 2017, LaSalle Investment Management lodged an application to add two apartment buildings – of 14 and 12 storeys – to the site.

JLL’s head of capital markets, Seb Turnbull, with colleague Luke Billiau, director of Sales and Investments, Queensland, brokered the Charter Hall deal, which was first reported by The Australian in this item.

The weighted average lease expiry (WALE) of 28 McGregor Street, Upper Mount Gravatt, is 7.5 years.

An aerial image showing the site (marked) relative to the Brisbane CBD, about 12 kilometres away.

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Marc Pallisco

Marc Pallisco

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

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