Growthpoint sells Petrie Terrace’s The Barracks
Growthpoint has sold Petrie Terrace’s The Barracks mixed use complex, picked up with its takeover of Fortius Funds Management three years ago.
The five interconnected buildings developed in 2008 incorporating the heritage listed Barracks, found favour with Aware Real Estate for $150 million.
With an A-grade, retail with a supermarket, office and 451 car parks, a redevelopment is planned ahead of the Brisbane 2032 Olympics.
Fortius paid Challenger $162.3m for a single asset fund, the Fortius Brisbane Barracks Trust.
CBRE’s Bruce Baker with JLL’s Paul Noonan managed the disposal.
The result reflects an 8.2 per cent fully let net passing yield.
The deal comes three months since we reported Aware with Barings was buying Fortitude Valley’s Brunswick & Co build to rent complex for c$285m.
“The Barracks represents the type of strategic, high-quality urban asset that aligns with our long-term investment strategy,” Aware Real Estate’s head of Investments and Capital Transactions, said.
The Barracks
Aware Super will partner in the acquisition of 61 Petrie Tce, Brisbane.
On 1.09 hectares, the asset contains 19,433 sqm.
The bulk, just – 10,393 sqm – is configured with offices.
Southern Cross Media Group, for radio station B105, and Hatched are amongst the occupiers.
There is also 9040 sqm of retail, anchored to Coles and Palace Cinemas, with 23 specialty stores.
Three buildings are heritage protected.
The weighted average lease expiry is just over five years.
“[The property] offers immediate income and a clear opportunity to unlock further value through active asset management,” Aware Real Estate chief executive officer, Tracey Whitby, said.
“We’re excited by the opportunity to enhance the retail experience, improve the already high quality office space and partner with experienced local operators to elevate the asset’s performance,” she added.
“This acquisition further diversifies our national portfolio and reinforces our commitment to investing in vibrant, well-connected urban precincts,” according to the executive.
Subscribe to our newsletter at the bottom of this page.
