Tenant pays landlord $7.3m for HQ
A sprawling two level office at 931 Kingsford Smith Drive, Eagle Farm, has traded for $7.225 million.
Tangalooma Island Resort – an occupier of over 40 years – was the buyer.
Its landlord held three decades.
Knight Frank’s Hayden Ryan and Christian Sandstrom were the agents.
931 Kingsford Smith Drive
On 2960 square metres with 43 car parks, 931 Kingsford Smith Dve contains 1433 sqm of lettable area.
Pack & Send, Eagles Carvery & Takeaway are other occupiers.
The weighted average lease expiry is 1.8 years.
It is also 20 per cent vacant.
Based on the income it was earning, the deal reflects a 4.4pc (passing) yield.
Eight offers came in, the agents said, following an expressions of interest campaign.
“This property is a well-known landmark in the heart of Eagle Farm, occupying a prominent position on the corner of Kingsford Smith Drive and Harvey Street North,” they added.
“It also has the added advantage of significant value-add opportunities via redevelopment or repositioning in time,” according to the executives.
A Tangalooma spokesperson said the acquisition “secures the future of Tangalooma Island Resort’s corporate and administrative functions in a location we have proudly operated within”.
“The proximity to our Brisbane River ferry terminal, coupled with easy access to the airport, city, and major highways, made this acquisition a strategically important one for the Resort,” they added.
“This allows us to continue our operations with minimal disruption, while also enabling us to confidently grow our head office capabilities in the leadup to the 2032 Olympics and beyond,” according to the representative.
Eagle Farm is about 10 kilometres north east of Brisbane’s CBD.
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