Record price paid for ex-CQU office
A rural office – years ago owner-occupied by Central Queensland University – has sold to Powercat Group.
The result for Rockhampton’s Fitzroy and East at 36 East Street – $14.875 million – reflects a 7.6 per cent net passing yield.
It is also a record for a Rockhampton region office, Neale Crowe and Jonathon Offord, of Elders Commercial, who managed a private sale campaign, said.
The vendor, a Queensland based private investor, paid $7.8m in 2011.
That seller was CQU which bought it 20 years earlier from the federal government.
It was listed this year for $15.95m.
Government, TV network occupiers
On 1988 square metres at the corner of Fitzroy St, the Rockhampton complex carries a 4-star NABERS Energy rating.
There is 5013 sqm of lettable area, recently revamped at a cost of c$3.6m.
About 70pc is leased to state and federal government agencies.
The Seven Network and AON Corporation also occupy.
There are 52 basement car parks too and an income-producing digital signboard and rooftop billboard.
The deal comes six weeks since we reported brothers Dan and Sean O’Hara with Stuart Horner sold the Gracemere Hotel, south west of Southampton’s CBD.
That freehold going concern collected $24m.
Also in October, a near new Hungry Jack’s at Gracemere leased until 2057 with options traded for $6.4m – a 4.79pc yield.
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