This article is from the Australian Property Journal archive
MARQUETTE Properties and Moelis Australia Asset Management have picked up South Brisbane’s 164 Grey Street building for $30.3 million on a yield of 7.65%.
The A-grade 3,102sqm building provides is on a 1,300sqm site and features 40 secure parking bays.
JLL’s Luke Billiau and Seb Turnbull negotiated the off-market sale on behalf of Renweed Pty Ltd, with the price reflecting a sales rate of net lettable area of $9,886 per sqm and 7.65% yield.
The fully leased property has a WALE of 1.45 years per income, returning $2,746,942 gross per annum.
“South Brisbane is the Near City’s strongest performing office precinct, and there has been limited opportunities to acquire prime grade assets recently despite strong investor demand,” the agents said. “We expect this off-market activity to continue throughout the first half 2017.”
Australian Property Journal
