Keppel moves riverfront Brisbane’s office
Keppel Capital has sold a city fringe Brisbane office on its second attempt in as many years.
The John Oxley Centre at 339 Coronation Drive, Milton, is trading to Acure Asset Management for a speculated $80 million.
JLL’s Seb Turnbull, Paul Noonan and Elliott O’Shea with Knight Frank’s Justin Bond and Matt Barker listed it in April after an unsuccessful campaign in mid-2023.
Then, the fully let net income was c$7.4m.
Acure is Perth based.
The asset manager will hold the property in a single asset fund – the Brisbane Office Trust – now calling for wholesale investors.
339 Coronation Drive
Singapore based Keppel paid 151 Property, now part of Blackstone, $40.25m for 339 Coronation Dve in 2018, immediately renovating the vacant five level, 12,980 square metre space once home to Apple, including end of trip facilities.
The landlord also added a gym now offering classes to tenants – then filled it, save for seven per cent and a contract for building branding.
Carrying a 5-star NABERS rating, there are also 315 car parks.
The weighted average lease expiry is 3.5 years.
The site spreads 5853 sqm fronting Brisbane River.
Acure is promoting the Brisbane Office Trust with an anticipated first year distribution of 9 per cent rising to 9.6pc over a proposed five year term.
A 14pc internal rate of return is being targeted.
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