Holdfast doubles down in Darwin
EXCLUSIVE
Holdfast Funds Management, formed mid-last year and chaired by former Vicinity Centres chief executive Grant Kelley, has bought its second asset in four months.
The Holdfast Group arm has again chosen Darwin, paying a speculated $7 million for Customs House at 21 Lindsay Street.
The six-level building contains 2539 square metres, 83 per cent occupied to the Federal Government a major tenant on a lease expiring in August, with two three-year options.
Australian Customs & Border Protection and the Consulate-General of the Democratic Republic of Timor-Leste are amongst the occupiers.
Annual net income is $615,000.
The NABERS rating is three stars.
The 726 sqm site is a block from Garramilla Boulevard, near the new $300m Charles Darwin University campus (continues below).
Holdfast portfolio surpasses $20m
Mr Kelley said Customs House was acquired at a significant discount to replacement cost.
With the deal, he added, the group’s portfolio value surpasses $20 million.
“Holdfast Funds Management was established to invest in assets offering both capital growth and above-market yields, given pricing dislocation, income security and the asset’s potential for active management,” he said.
In December, the asset manager outlaid $13.1m for 1 and 11 Stuart Highway, Stuart Park, three kilometres south east of Darwin’s CBD. That asset — Lexus and Toyota car yards leased to AP Eagers — covers 1.3 hectares.
Knight Frank’s Peter McVann and Matthew Knight marketed that property and 21 Lindsay St.
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