Dubai asset manager sells maiden Australian investment
Sidra Capital, which invests in Shari’ah-compliant assets, and 90 North Real Estate Partners, have recorded a modest capital gain from a suburban Brisbane serviced apartment complex held seven years.
The 82-bed Quest Springfield at Springfield Central collected $26.7 million following a campaign launched February.
The vendors bought the asset new for $23.7m from Springfield City Group, formerly Springfield Land Corporation.
The guide when it was relisted was $30m-plus.
Sydney based asset manager Serene Capital is the buyer – on a 7.65 per cent net passing yield.
Also today we are reporting Quest Albury at the New South Wales/Victorian border sold while three weeks ago, Quest Mawson Lakes in Adelaide traded.
Quest Springfield
Quest Springfield, on 2795 square metres at 4 Wellness Way, part of the 52 hectare Health City precinct, was Dubai based Sidra’s maiden Australian investment.
Over six levels it contains 6663 sqm including, as well as the 4-star rated accommodation, three commercial tenancies, one leased to Guardian Early Learning, another, a Pilates studio.
Quest’s lease expires 2043 with fixed rent rises.
Savills’ Nick Lower and Max Cooper were the agents.
90 North is London-based.
The ownership entity which held the asset was Brabham (QS) Pty Ltd.
Greater Springfield is Australia’s first privately built city – also the country’s largest master planned community (and tenth largest globally).
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