This article is from the Australian Property Journal archive
BENLEE Property Trust and Stronghold Investment Management have teamed up once more to acquire two business parks in Brisbane for a combined total of $39.7 million.
The Benlee Stronghold Property Trust No. 12 has closed fully subscribed. The trust was formed to acquire 7 Brandl St Eight Mile Plains within the Brisbane Technology Park for $25.5 million and 2 Westlink Court, Darra within BTP Westlink Green for $14.2 million. Both assets comprise modern office buildings within master planned estates.
“We are delighted to announce the acquisition of these quality properties which offer diversity of income and staggered lease expiry,” Stronghold executive director Steve de Nys said.
Constructed in 2006 and recently refurbished, 7 Brandl St comprises two freestanding buildings at the entrance to Brisbane Technology Park.
Completed in 2014, 2 Westlink Court is a two-level office building adjacent to the Darra Railway Station at the centre of BTP Westlink Green.
The portfolio is tenanted by Transurban Limited, Fujitsu, Graystone and Montrose Access. The WALE is 5.6 years from settlement. Both properties were developed by Graystone and marketed by Peter Court, Mike Walsh and Darren Collins from CBRE.
The initial projected cash return to investors is 8.8% per annum increasing to 9.1% per annum in year 2 and 9.4% per annum in year 3. Returns are not guaranteed.
The launch of the No. 12 trust follows the recent collaboration between Benlee and Stronghold for the acquisition of a 90 key Quest Apartment Hotel, which is currently under construction by Graystone at Brisbane Technology Park.
Australian Property Journal
