This article is from the Australian Property Journal archive
FORMER Queensland Premier Campbell Newman’s Arcana Capital has finalised its acquisition of two fully leased office buildings on both sides of the country, for a total outlay of $25.55 million.
The commercial property investor and funds manager now owns 35 Miles Platting Road in Brisbane’s Eight Mile Plains, and 190 Stirling Street in central Perth, paying $13.55 million and $12 million respectively for the properties.
The cornerstone office building in the Brisbane Technology Park is anchored by major national fuel and convenience retailer 7-Eleven, international solar giant Risen Energy, and growing multi-disciplinary NDIS operator Pepper Kids Therapy.
Out west, 190 Stirling Street is a modern commercial office situated in an increasingly popular residential precinct on the northern fringe of Perth’s CBD, with an anchoring lease to the WA Department of Communities (Child Protection and Family Support).
“With two high quality office buildings situated in growing capital cities, and major government and multi-national tenants secured, the Capital City Office Unit Trust presents a rare opportunity for Wholesale Investors to achieve inherent diversification within a single closed Trust, whilst still attaining a competitive forecast annualised distribution of 7.25% in year one,” said Colby Phillis, manager – investor relations at Arcana Capital.
Headed by Newman, who was also previously Lord Mayor of Brisbane, Arcana Capital has been operating since 2015 and has completed the acquisition and ongoing management of 31 properties worth $212.71 million, and raised over $110 million in investor equity.
Last year, Arcana Capital added to its Australia-wide portfolio of industrial, fuel, medical, and non-discretionary retail assets with the acquisition of two industrial and engineering workshops in Western Australia’s Kalgoorlie for $8.15 million and $10.9 million respectively, a medical and allied health facility for $6 million and an industrial facility for $3.5 million, both in Mackay, and a cold-storage and logistics hub in far north Queensland for $6.6 million.
It also offloaded a fully leased retail centre on Bribie Island for $9 million.
