Launceston’s QV Tower sold
A state government anchored medical and office facility with longer term development upside in East Launceston has sold.
The fully leased five level QV Tower at 11 High Street returns $1.147 million net annual rent ex-GST.
With 6742 square metres and 47 car parks, the Department of Health, CGU Insurance, its affiliate, WFI Insurance, both IAG brands, Emerge Allied Health and Launceston Psychology Clinic are amongst the occupiers.
The 4319 sqm site also exposed to Clarence St is zoned Urban Mixed Use under the Launceston Local Provisions Schedule.
Revamped asset
The seller, which paid $6.35m in late 2020, recently completed a significant upgrade including a base building refurbishment, new HVAC systems, electrical upgrades, improved amenities and premium medical fit outs (continues below).
Assuming the on sale was struck at a yield of nine per cent, the latest deal could circle $12.7m.
Agents, CBRE’s George Wilkinson, Matthew Wright and Shaun Venables with Howell Property Group’s Andy Howell, aren’t quoting the result.
They did however say there was strong interest from the government and private investors due to the long-term income security and minimal vacancy risk.
The office is about 1.7 kilometres from Launceston’s CBD.
Subscribe to our newsletter at the bottom of this page.
