This article is from the Australian Property Journal archive
ARIADNE has teamed up with its deputy chairman Kevin Seymour to acquire a Brisbane commercial office building for $56.1 million.
The joint venture is anticipated to be funded via 40% equity and 60% bank debt.
Acquired from 151 Property Group, the 40 Tank St Brisbane property is an 11-storey building comprising five levels of car parking, ground floor foyer, retail and office accommodation together with five upper levels of office accommodation.
It is 81% occupied with a weighted average lease expiry of approximately seven years.
Ariadne currently holds the lease over the five level car park and the Queensland government leases four of the five upper levels of office accommodation. Both leases terminate in 2024.
Australian Property Journal
