RM Capital drops $20m on Sunshine Coast offices
RM Capital, the investment management arm of RM Developments, has bought two Sunshine Coast offices.
In the biggest deal the group is paying $12 million for 20 Innovation Parkway, Birtinya.
Tenanted to 12 groups including two state government departments, it contains c2678 square metres of lettable area over three floors.
The site spreads 4079 sqm with 108 car parks.
Based on the rental return, the result reflects an 8.14 per cent initial yield.
CBRE’s Ryan Parry and Louisa Blennerhassett were the agents.
The property previously traded for $10.2m in 2016. Pellicano was that seller.
The deal comes a month since we reported HMC Capital sold Birtinya’s Vitality Village medical centre to Exceed Capital.
Maroochydore stratas filled
Meanwhile, RM bought five strata offices, part of the Plaza Links building, in Maroochydore.
Lots 2-6, 7-9 Plaza Parade and 5 Plaza Pde, cost a total $7.775m from a Melbourne investor.
Four investments were vacant.
The other is due to be empty next month.
During due diligence, the incoming owner found four occupiers to fill it again.
Based on the incoming rent, the return will circle 6.5pc.
The initial passing yield is 5.92pc.
RM Developments was formed in 2017 by Remi Rafter and Josh Myers.
Earlier this year the asset manager outlaid $20.965m for the eight level Oceanside Car Park, also with 768 sqm of retail, beside Sunshine Coast University Hospital, again in Birtinya.
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