Cromwell fund suffers hit on office sale
Cromwell Property Group has agreed to sell a Queanbeyan office for a loss on what it paid in 2019.
On behalf of the Cromwell Direct Property Fund, the asset manager is banking $32.7 million from 11 Farrer Place.
The price is in line with the December valuation.
It is however a loss on the $35m it paid the a wholly owned subsidiary, the Cromwell Diversified Property Trust, in 2019.
11 Farrer Place
On 4052 square metres, 11 Farrer Place was completed in 2008 with 6300 sqm over four levels fully leased to the NSW government.
There are also 141 car parks (continues below).
The NABERS Energy rating is 4.5-star.
Net proceeds will repay debt with remaining capital to be returned to unitholders.
Queanbeyan is about 20 kilometres south east of Parliament House, just outside the ACT boundary.
The Cromwell Direct Property Fund is being wound down following investor liquidity events. Late last year another office held by the trust, 545 Queen Street in Brisbane’s CBD, sold for $77m.
More to come.
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