Forza sells Spring Hill office
Forza Capital has sold an inner-city Brisbane office held nearly five years on behalf of a single-asset fund.
The Melbourne-based group led by Ashley Wain is speculated to be banking more than $55 million for 200 Creek Street, Spring Hill
Direct Commercial Property is the buyer.
Headquartered in Brisbane, that asset manager will also hold it in a single-asset wholesale fund, now calling on wholesale investors for $37m.
Forza paid Sentinel $41m in December, 2021, recently completing a $13.5m renovation.
Book value is $57.5m.
Guide when it was listed in February, 2025, was $60m-plus.
MP Commercial’s Mike Walsh and Peter Court were the agents.
200 Creek Street
The 10-storey Spring Hill building contains about 7600 square metres and 88 car parks.
The site spans 6211 sqm near Central station (continues below).
Fully leased, the annual income when it was listed 18 months ago was c$4.5m.
At a sale price between $55m and $60m, that equates to a yield between 7.5-8.2 per cent.
Revamped office
Forza’s refurbishment included upgrades to the building services, lifts, solar infrastructure and end-of-trip facilities.
The works lifted the building to a 6-Star NABERS Energy rating.
Sentinel acquired the property for $38.7m in 2017.
That seller, Centuria, had also just carried out a capital expenditure program – worth $2.7m.
Years ago, the office was known as Medtronic House.
Spring Hill is about a kilometre north-east of the CBD.
Subscribe to our newsletter at the bottom of this page.
