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.
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.
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.
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.
The end buyer was an Australian-based investor.
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