This article is from the Australian Property Journal archive
PARTNERS Marquette Properties and Moelis Australia Asset Management’s repositioning program of 164 Grey St in Brisbane’s South Bank has paid off, with the owners selling the retail and office building for $44.65 million, more than $14 million what they paid just two years.
The four-level building of 3,142 sqm is on a 1,300 sqm corner site with 40 parking bays, and is anchored by a 10-year lease to Queensland X-Ray.
Marquette and Moelis acquired the property for $30.3 million in 2017 with a WALE of 1.45 years, and undertook capital works and reconfigured the retail component, and has now sold on the asset with a weighted average lease expiry of more than seven years.
Sydney-based property advisory VennCap acquired the property at a 5.3% yield.
JLL’s Luke Billiau and Seb Turnbull handled the deal.
Earlier this year, Marquette Properties teamed up with US-based Heitman LLC to acquired the 29-level Edward St building in the CBD for $115 million from Canadian group Quadra Pacific.
