This article is from the Australian Property Journal archive
AUSTRALIAN Unity Property Income Fund has bought new boutique office building in the Brisbane city fringe suburb of Newstead of $11 million.
Ray White Commercial’s Tom Barr sold 17 Byres St, completed by developer Limitless Australia in May at just over 50% occupancy, and which is now fully leased.
On a 687 sqm site, 1,341 sqm building features a rooftop entertainment and breakout area, end of trip facilities and 14 car pars.
The sale price came in at an initial passing yield of 6.63%. Tenants include Construction Sciences, a wholly owned entity of Cardno, as well as Buckner Group, Empire Office Furniture and co-working business B17 Workspaces, contributing to a net passing annual income of about $730,000.
The fund has just sold off the 1,734 sqm 40 Allara St site in Canberra for $23 million to Harry Triguboff’s Meriton, which will build a 17-level, five-star hotel that will be its first in the nation’s capital.
