This article is from the Australian Property Journal archive
UNITY Pacific Group has sold its 308 Queen St/88 Creek St Brisbane asset for $37.3 million.
Managing director Chris Morton said Unity Pacific will receive approximately $36.6 million after deducting usual vendor allowances for outstanding lease incentives.
Unity Pacific will receive a profit of $2.1 million after transaction costs.
The historic 3,593 sqm building was sold by JLL. It is only the second time the property has been offered to the market in its 130 years history.
“It is the board’s intention to use the net proceeds from the property sale to repay Unity Pacific’s debt facility of $12 million and distribute surplus funds to securityholders.
“Subject to settlement of the sale of the property the board intends to distribute approximately $28.6 million to securityholders by 25 July 2016. This equates to 80 cents per security,” Morton said.
Australian Property Journal
