Church, ex-real estate analyst trade Brisbane office
Samford Commercial Investments, led by former CBRE analyst Jacob Fong, has bought a part-vacant CBD office from the Uniting Church.
The $48 million deal for 119 Charlotte Street, brokered by McGees Property’s Hugh Menck, comes in a touch above the $47.15m June, 2023, book value.
It also reflects a circa 7.5 per cent passing yield; more than a third of the c8000 sqm of lettable area is empty.
The deal comes two years since Brisbane based Samford outlaid $6.45m for a multi-tenancy commercial and retail investment in Fortitude Valley’s Brunswick Street Mall.
7-Eleven, Gyrostream and Oporto are amongst the occupiers of that 956 sqm asset, 281 Brunswick St, with 19 metres of frontage.
Mr Menck was again the agent.
119 Charlotte Street
Completed in 2001 over 12 storeys, 119 Charlotte St is considered B-grade.
A foyer and designated lobby has been modernised, as have end-of-trip facilities.
Greenwich College, owned by ASX-listed NextEd, has occupied since 2019 (story continues below).
Wilson manages part of a basement car park, with c100 bays.
The address sits in the Midland precinct which has a relatively low vacancy in Brisbane’s CBD, Mr Menck said.
“[The office is] located in the heart of the CBD….only minutes’ walk to major upcoming infrastructure projects such as the Cross River Rail, Albert Street Station and Kangaroo Point Green Bridge, and to significant developments such as Waterfront and the Queen’s Wharf integrated resort development”.
The deal comes a month since Exceed Capital acquired an office with development upside on the banks of the Brisbane River, at Toowong, from Centuria.
In March meanwhile, Charter Hall and QuadReal recorded a loss after three years selling 309 North Quay – the ex-Southern Cross Austereo studio – to Shayher Group.
Several high profile private investors including, from the mining sector, Gina Rinehart and Sam Chong, have also secured Brisbane CBD investments recently, at 70 Eagle St and 260 Queen St respectively.
Mr Fong quit CBRE in 2017.
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