MPG Funds Management is paying $6.95 million for a refurbished Beenleigh commercial investment.
The 1098 square metre building at 96 George Street was once the electoral office of federal MP Bert van Manen.
It recently underwent a renovation adding a solar electricity system and end-of-trip facilities.
The Department of Corrective Services also signed an 8.5 year rental agreement; the deal includes all 20 underground car parks.
Based on the asset’s net annual income the sale price reflects a 5.9 per cent yield.
CBRE’s Jack Morrison and Darren Collins were the agents (story continues below).
Second deal for pair
MPG will hold 96 George St in its Regional Cities Property Trust.
DeMartini Fletcher was the vendor.
It is the second deal between the pair – in 2019 they traded 146 Herries St, Toowoomba, for $7.35m.
Beenleigh is 35 kilometres south east of Brisbane. It is about 45 km north of Surfers Paradise.