Mirvac has sold an A Grade Office building in the Brisbane CBD to Forza Capital for $86.75m.
The property at 340 Adelaide Street is a fully refurbished 12,834sqm commercial office building with 100 car parks and a 5 Star NABERS Rating.
The property is located just one block from the “Golden Triangle”, Brisbane’s premier office precinct and within 300m to Central train station and the Howard Smith Wharves.
The building has a typical floorplate size of 902m² and a central lift core, providing flexibility and appealing to a broad range of tenants. At the time of purchase the property was 93% occupied by 24 tenants including Oracle, Cisco, the Attorney-General’s Department and Cover-More Insurance, offering a 3.8year weighted average lease expiry.
The Property was originally constructed to a high standard for Federal Government tenants and is strategically located on two power grids for security and redundancy purposes.
Mirvac recently invested over $10.54 million on the asset including lift upgrades, foyer and amenities refurbishment, end of trip facilities, a wellness room, BMS, electrical upgrades and tenancy works.
At $86,750,000, or $6,759m², the asset was acquired at an attractive rate given the quality of the building and the location.
The Property was acquired for special purpose fund which is projected to provide investors an 8.0% distribution yield over the first 5 years of the investment.
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