Cromwell acquires another Brisbane office
ISPT has sold one of two major offices listed mid-year.
The Brisbane asset, 100 Creek Street, is trading for $184.7 million – a 5.39 per cent passing yield or 6.9pc return, on a fully let basis.
The buyer, Cromwell Property Group, intends to hold it in the Direct Property Fund (DPF).
It is the second office in the Queensland capital the group has purchased this year – coming five months after the $117.5m deal for 545 Queen St.
That seller was Axis.
ISPT listed 100 Creek St along with 100 Pacific Highway, North Sydney, which carried a guide of $400-$450m.
CBRE and Knight Frank were the agents (story continues below).
Part refurbished asset
In Brisbane’s Golden Mile, the 24 storey 100 Creek St contains 20,228 square metres of B-grade area.
“Having recently undergone an extensive refurbishment which saw the repositioning of the ground floor lobby and end-of-trip facilities, [the asset] currently holds an exceptional 5-star NABERS energy rating,” the buyer said.
The deal is subject to Foreign Investment Review Board approval.
More to come.
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