Dexus fund sheds Brisbane office
Dexus is selling an asset on behalf of the Wholesale Australia Property Fund (DWAPF), control of which it seized from AMP three years ago.
The office, 33 Park Road, Milton, in Brisbane’s inner east, is collecting $45.35 million – a c8.8 per cent yield – from the local Conias family.
The renovated three level building contains 7232 square metres – a high portion (1472 sqm) being retail – a rooftop terrace and 186 car parks; 98pc leased, it returns $4.1m annual net rent.
On the north west corner of Douglas St, the site spreads 4715 sqm.
Knight Frank’s Blake Goddard, Justin Bond and Matthew Barker closed an expressions of interest campaign in December.
DWPF holds assets worth c$1.9 billion.
The Park Rd deal comes two days since we reported the fund sold a half stake in a Sydney CBD office – 309 Kent St – to the other owner, AsheMorgan.
Milton is about two kilometres from town.
Office sells again
The Milton office space is rated A-grade.
The building also carries a 5-star NABERs Energy score.
For Water, this is 4-star.
AMP paid a group of rural investors $48.2m in late 2016.
The office previously exchanged four years earlier, for $31m.
The deal follows Dexus shedding relatively small assets from its flagship DWPF, with a portfolio worth over $12.5b
Disposals last year included Townsville’s largest shopping centre, Willows Central and Melbourne’s Central West industrial estate.
It also divested offices, in Canberra, and North Sydney – on Walker St.
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