This article is from the Australian Property Journal archive
GOLDER Associates has sold five office buildings across three states for approximately $20 million.
Colliers International’s Rob Joyce, Jock Murray, Ian Thomas, Chris Veitch, Jay Beattie and Nick Dowling handled the sale of the properties in Cairns, Maroochydore, Toowong, St Leonards and Adelaide. In three locations, Golder Associates has leased back its premises, achieving average yields of 9.2%.
Sales results were as follows:
– 212-216 Draper St Cairns, QLD: A modern, well-presented two-level office building with an NLA of around 590 sqm. Sold for $1,425,000 a 9.1% yield.
– 55 Kingsford Smith Parade, Maroochydore, QLD: A modern, two-level office and laboratory building with an NLA of 540 sqm (approx.) on a 728 sqm site. Sold for $1.75 million on a 9.25% yield.
– 611 Coronation Drive, Toowong, QLD: A freestanding, two-level commercial office building with a total NLA of 1,779 sqm and 37 secure basement car parking bays. Sold with vacant possession for $5.1 million.
– 124 Pacific Highway, St Leonards, NSW: A refurbished, contemporary three-level office building within the dynamic St. Leonards office market, offering an NLA of 2,124 sqm (approx.) and a land area of 1,232 sqm. Sold for $9.6 million on a 9.2% yield.
– 199 Franklin St Adelaide, SA: An office/warehouse/laboratory situated on a high profile corner allotment in the western precinct in the city of Adelaide. Sold for $1,825,000 with vacant possession.
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