CONTACT US
Share: Share on Facebook Share on Twitter Share on LinkedIn I recommend visiting cushmanwakefield.com to read:%0A%0A {0} %0A%0A {1}

CBIC sells South Regional Business Centre for 35 million

30/04/2020

SYDNEY, April 30, 2020 – The City of Brisbane Investment Corporation (CBIC) has sold the South Regional Business Centre (SRBC) at 665 Fairfield Road, Yeerongpilly to WA-based Ascot Capital Limited for $35.25 million.

Cushman & Wakefield’s Mike Walsh, Peter Court and Nick Spiro, Savills’ Greg Woods and Peter Chapple (formerly of Savills) brokered the deal.

Yerongpilly

 

The site, with a WALE of 8 years, is fully leased to long-term tenant, Brisbane City Council with two, five-year options to extend. CBIC said the sale was part of their strategic plan to rebalance their property portfolio and finance the Council’s program to increase green space for Brisbane residents.

Located 5.5km south of Brisbane’s CBD, the three-storey, A-grade site comprises 4,198 sqm of net lettable area across three levels and includes 71 car spaces.

Cushman & Wakefield’s Joint Head of Middle Markets QLD, Mike Walsh, said the sale was hotly contested with 13 bids received in total from both domestic and offshore parties.

“Investors were clearly attracted to the Government-backed lease covenant, long term tenure and net lease structure, and given the current climate we expect the market will place a more heightened focus on security of income and covenant moving forward,” Mr Walsh said.

Cushman & Wakefield’s Joint Head of Middle Markets QLD, Peter Court, said: “Despite current market uncertainty, investors were attracted to a high-quality office building, which is well placed being across from the $850 million master-planned Yeerongpilly Green community project.”

“This interest was heightened by the fact the site has an adjoining train station, as well as direct access to major road networks and public transport.”

Nick Spiro, Director, Commercial, Cushman & Wakefield added: “Despite the unique challenges facing the sector, the Brisbane market entered this period in good shape and is well positioned for the eventual recovery.”

- END - 

 

With your permission we and our partners would like to use cookies in order to access and record information and process personal data, such as unique identifiers and standard information sent by a device to ensure our website performs as expected, to develop and improve our products, and for advertising and insight purposes.

Alternatively click on More Options and select your preferences before providing or refusing consent. Some processing of your personal data may not require your consent, but you have a right to object to such processing.

You can change your preferences at any time by returning to this site or clicking on Privacy & Cookies.
MORE OPTIONS
AGREE AND CLOSE
These cookies ensure that our website performs as expected,for example website traffic load is balanced across our servers to prevent our website from crashing during particularly high usage.
These cookies allow our website to remember choices you make (such as your user name, language or the region you are in) and provide enhanced features. These cookies do not gather any information about you that could be used for advertising or remember where you have been on the internet.
These cookies allow us to work with our marketing partners to understand which ads or links you have clicked on before arriving on our website or to help us make our advertising more relevant to you.
Agree All
Reject All
SAVE SETTINGS