Melbourne-based Forza Capital has more than doubled its money selling a 14-storey office in the Brisbane CBD legal precinct.
The asset, 420 George Street, is selling to Dymocks Properties for $42.1 million.
Cushman & Wakefield’s Mike Walsh said the sale “represents a culmination of a successful repositioning strategy implemented by Forza over a four year period”.
Mr Walsh sold this asset to Forza for $20 million in 2015.
The office was once fully-occupied by the Queensland Department of Transport.
But at the distressed time Forza Capital bought it, the 6300 square metre building, opposite the Brisbane Supreme Court and Magistrates Court, was about 92 per cent vacant.
Forza Capital undertook a major $4.5 million environment-focused renovation with a view to increasing the building’s NABERS rating from 0 stars to 5 stars.
The internals – which Forza Capital director Adam Murchie described in this item as resembling a 1970s hospital, were also modernised.
Forza Capital, which Mr Murchie co-controls with Ashley Wain, listed the asset for public sale 12 months ago.
The 420 George Street investment comes two years after Dymocks Properties paid $17.5 million for a suburban Brisbane asset at 189 Coronation Drive, Milton.
Brisbane sale follows Forza Capital buying in Melbourne’s Abbotsford
In May, we reported that Forza Capital paid Carlton & United Breweries $12 million for a multi-level car park on a 3880 sqm block at 33 Flockhart Street and 38 Grosvenor Street.
This asset is seeding a new investment vehicle, Forza Grosvenor Street Fund.