Stadia buys Brisbane office in two parts
Stadia Capital is the latest investment house to secure a Brisbane CBD office in two parts.
The Sydney based asset manager is this month buying the second half of the B-grade 83-85 George Street, also known as the Capital Hill building, from Charter Hall’s Long Wale REIT (CLW).
The stake is speculated to be worth about $45.5m, assuming a 7.1 per cent capitalisation rate, sources say.
Stadia bought the first half mid-last year for $48m.
Charter Hall sheds office
Charter Hall paid $71.5m in 2018 for 83-85 George St, at the corner of Mary, opposite the $3.6 billion Queen’s Wharf redevelopment.
Completed in 1989 with 10,650 square metres over 17 storeys, and 106 basement car parks, it is fully occupied with the state government the anchor (story continues below).
The weighted average recovery rate is 3.5pc.
It was held equally by Charter Hall funds, CLW, worth c$5.5b and PFA – managing over $2b, which limited unitholder redemptions in 2023.
The deal comes four days since we reported NTT Corporation bought the 50pc interest it didn’t control in 53 Albert St, Brisbane, from JP Morgan Asset Management, for c$110m.
NTT bought the first half of the asset from the same buyer in late 2022, outlaying $142.5m.
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