 Us-based real estate giant GE Real Estate has tightened its grip on Brisbane's property market, paying about $22 million for a commercial property in Spring Hill.
Aria Property Group has offloaded the property at 121 Wharf St, which comprises two adjoining commercial office buildings on the border of Brisbane's CBD.
The prominent corner site, with frontage to Turbot Street, overlooks Cathedral Square parklands and is within walking distance of the CBD.
The two adjoining buildings, of three and four storeys in height, have a total net lettable area of 4395sq m.
The property has three consecutive floors with 1000sq m floor plates and a quality fitout.
It also boasts a rooftop entertainment area, proximity to public transport and basement car parking for 65 vehicles.
According to GE Real Estate South-East Asia managing director Roger Keane, the attractiveness of Brisbane's property market made the Wharf Street asset extremely appealing.
``We like the market and would like to buy more if we could,'' Mr Keane said.
Mr Keane said the property was in good condition, in a prime location and was of a decent size.
Built in 1984, it has undergone several refurbishments, with the latest only recently completed by the vendor.
The works included a repaint of the building exterior, new lift interiors, replacing the cooling tower and complete refurbishment of both lobbies.
The property is fully leased to a variety of high profile tenants.
Global consultancy firm Hatch is the major tenant, occupying more than 50 per cent of the net lettable area in the building as well as holding the naming rights.
Professional services firm, Gallagher Basset, is another significant tenant.
Steve Dove and Shaun Douglas of Chesterton International, in conjunction with Colliers International, negotiated the sale of the property, which was offered to the market via an offmarket expressions of interest campaign.
The sale settled on Wednesday.
``There were a number of interested parties. We asked them to put their best foot forward and GE was the winner,'' Mr Dove said.
Mr Keane said GE Real Estate had an aggressive growth strategy and was always on the lookout for more investments. ``We have made several strategic investments in Brisbane and are pleased to conclude this acquisition and further strengthen our portfolio across Australia,'' he said.
GE Real Estate director of Australian investments Jason Kougellis said the investment provided considerable opportunities given the leasing profile of the building.
``The recent refurbishments have benefited the existing quality tenants and we intend to add further value,'' he said. |
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