This article is from the Australian Property Journal archive
RAY White Invest has decided to sell a modern A-grade commercial office building, with a 10 year lease, at South Brisbane.
The property is being sold via expressions of interest campaign closing October 06, conducted by Jones Lang LaSalle’s Ben McGrath and Seb Turnbull in conjunction with Knight Frank’s David Fowler and Justin Bond.
Located at 144 Montague Rd and completed in November 2009, the six level building was valued in excess of $85 million upon completion.
The property is owned by Ray White Invest, the property and investment management arm of real estate agency Ray White.
The building comprises 14,742 sqm of space and car parking for 75 vehicles. And it is designed to a minimum 4.5 star NABERS Energy Rating.
It is fully leased and is the global headquarters of mining engineering firm Ausenco Limited, which is the anchor tenant with 9,076 sqm of space and Origin Energy occupies 5,666 sqm.
The property has a weighted average lease expiry of 10.2 years and is currently delivering a net income of approximately $7.58 million with increases of minimum 4% per annum.
Australian Property Journal
