This article is from the Australian Property Journal archive
Watpac and POD Developments Pty Ltd have sold an investment property at Fortitude Valley in Brisbane for $18.5 million to MFS Limited.
The property located at 318 Brunswick Street in a prime location on the Brunswick Street Mall. The property is anchored by Optus Vision and including Commonwealth Bank, Night Owl Convenience Store and a Coffee Shop.
Watpac’s managing director Greg Kempton said the decision to sell this property was part of the group’s development strategy of maximising return on shareholders’ funds.
Jones Lang LaSalle’s Seb Turnbull and Geoff McIntyre introduced the purchaser, Perpetual Trustee Limited as custodian for McLaughlins Financial Services Limited, who have signed an unconditional contract for the sale which is due to settle on January 19, 2007.
Watpac and POD bought the property in October last year for $12.0 million and held the property for future redevelopment.
The sale results in a $5.63 million profit for Watpac and POD.
This transaction is the second quick profit Watpac has made on a property sale. In August, Watpac and Seymour Group onsold a site located at 545 Queen Street in the Brisbane CBD for $28 million.
The sale resulted in a $10 million profit for Seymour and Watpac, after the parties bought it for $15.9 million in August 2004.
By Kathryn O’Meara
