The City of Brisbane Investment Corporation has sold a commercial building in Yeerongpilly for $35.25m.
The property at 665 Fairfield Rd comprises is a 3 storey commercial building providing 4,198sqm of office space. The property is fully leased to the Brisbane City Council with a WALE of approximately 7 years with 2 five year options.
The property generates approximately $2.3m in net income per annum and was sold on a passing yield of 6.5%.
The building is located adjacent to the Yeerongpilly train station, eight kilometres from the Brisbane CBD and will adjoin the $850 million mixed-use, lifestyle precinct known as Yeerongpilly Green, which is set for completion by 2028. The building was purpose built for the Council and incorporated 5-star Green Star rating and 4-star NABERS energy saving features.
The building was listed for sale in April 2019 by Cushman Wakefield and Savills.
The purchaser, Ascot Capital is a Western Australian company specialising in property development and facilities management across Australia, holding over $1.5bn in assets under management.
In January the group acquired a commercial property in Port Macquarie for $37.9m. The groups single largest investment property is Jandakot Airport. Jandakot Airport is situated 16km to the south of the Perth CBD which includes 200 hectares of mixed use land which is currently being developed and known as Jandakot City.
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