Precept spends $21m for Brisbane office
Precept Property Partners is speculated to be paying $21 million for a Brisbane CBD office marketed for its value-add upside.
In the revered Golden Triangle, 26 Wharf Street contains 2956 square metres over 11 levels.
Each floor is leased separately; Mining Skills Australia, OK Tedi Mining and Green Grid Connect are amongst the occupiers.
The asset also contains nine car parks.
The site spreads c375 sqm.
Vendor, Renweed, paid $9.8m in 2019 and refurbished.
Malaysian investor HCK Capital owned the property before that.
It paid $12.25m in 2012 (continues below).
The latest sale reflects a 7.78 per cent net yield.
26 Wharf Street
Passing rent at 26 Wharf St was marketed as being below the $750–plus per sqm, pa, market level.
The NABERS Energy rating is five-star.
Chesters Real Estate’s Tim Jones with MP Commercial’s Mike Walsh and Peter Court were the agents.
The deal comes eight months since we reported Precept bought the Katoomba Shopping Centre in Sydney’s Blue Mountains from ISPT.
Subscribe to our newsletter at the bottom of this page.
