Malaysian investor HCK has proven that time doesn't always make up for paying too much for an asset, exiting with a second loss in its Brisbane investment strategy.
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In May 2019, HCK sold its 26 Wharf Street building for $9.8M, having paid $12.2M in 2012 and this week have sold 116 Adelaide Street for $30m having paid $35m in 2013.
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Both assets were B Grade buildings. 116 Adelaide Street has 6,869 sqm of NLA over 16 levels including ground level, 15 upper levels and a three-level basement. The building was recently refurbished to update the amenities, foyer and office tenancies and to improve overall functionality.
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Colliers acted on the sale of both buildings saying that they had a total of seven offers, three of which were from offshore groups or local groups with offshore capital support the proposal.
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The end buyer was an Australian-based investor.
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