RF Corval has offloaded a fully-let Hamilton office picked up on a funds through basis in 2015.
The four storey Chevron Australia headquarters at 365 MacArthur Avenue has found favour with a Sydney-based private investor, for $46.5 million.
Based on the net passing rent, the price reflects a 5.3 per cent net yield.
RF outlaid $31.2m, holding it in a single asset fund, the CorVal Puma Office Trust, which was targeting a 10-12pc Internal Rate of Return.
“After working with the tenant to acquire the property…we’re delighted to achieve a great result for our investors and remain active in the current market for new opportunities across multiple sectors,” RF head of Transactions, Oliver Picone, said.
Last March, the group outlaid $20.5m – reflecting a 7.8pc yield – for a three storey warehouse converted office at nearby Newstead.
Earlier this year, the manager snapped up two factory investments in the city’s Wacol, for its Industrial Infill trust.
365 MacArthur Avenue
On 3552 square metres, abutting Royal Queensland Golf Club, 365 MacArthur Ave is within the Northshore Hamilton urban renewal zone, set to accommodate the 2032 Olympic and Paralympic Games’ athletes village (story continues below).
Containing 5040 sqm of A-grade office area and 225 car parks, Chevron is committed until 2031, when it can exercise the first of its four 10 year options.
For each of the next eight years, rent rises are fixed to CPI.
RF is backed by RF Capital, the private office of Multiplex and Roberts Co founder, Andrew Roberts.
“As well as the high quality nature of the asset, the fact there were no outstanding incentives running through the cashflow was a rare and appealing point for investors seeking clean cash flow in an emerging precinct,” Mr Court said.
The deal comes 11 months since Frasers Property Australia outlaid $16.5m for a 3016 sqm Newstead development site with plans for a mixed use project.
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