Trilogy Funds Management has sold an Ipswich CBD office building for $25m.
The property at 114 Brisbane Street was acquired by Sydney based Aviator Capital for a single asset trust. The acquisition is Aviators’ fourth investment in southeast Queensland.
The property contains 4,564sqm of NLA with Bendigo & Adelaide Bank occupying 70% of the building on a new six-year lease. Other tenants include RPS Gloval, and Artis. The weighted average lease expiry for the whole asset is 4 years.
Trilogy purchased it for $22.35m in 2015.
Ipswich has a strong, diversified local economy underpinned by the defence, manufacturing, education, logistics, healthcare and residential sectors. With major infrastructure investment underway in the region including upgrades to RAAF Base Amberley and the $124.5m upgrade of the Ipswich Hospital, the region offers strong growth prospects for incoming investors.
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