This article is from the Australian Property Journal archive
A SYDNEY-based family has snapped up the distinctive 12 Cribb St commercial building in the inner-Brisbane suburb of Milton for $12,881,500.
The 3,310sqm, five-level shell-shaped building transacted on a 6.78% yield and with a 2.5-year WALE.
It comprises five levels of office space, two ground-floor showroom tenancies and basement and on-grade parking for 54 vehicles.
JLL’s Sam Byrne and Christian Sandstrom sold the property on behalf of Harvest Denison Opportunity Fund #2.
Harvest Denison launched the fund when it purchased the building from Mirvac in 2011 for $13.3 million – more than $400,000 than what it sold it for.
At the time the building was tenanted mostly by Australian Pacific LNG Pipeline project contractors MCJV, who consolidated into two floors over time, and tenants including Fuji Xerox Australia, Hannahs Shoes and SureBridge IT move in.
The property has direct access to retail amenity and public transport, with Milton Train Station, Park Road retail precinct, Park Road Ferry Terminal and The Barracks retail precinct all nearby.
“Milton has undergone a significant transformation in recent years with the completion of a number of large scale residential projects revitalising the precinct,” the agents said.
Australian Property Journal
