Cromwell Funds Management, on behalf of the Cromwell Direct Property Fund, has sold a Brisbane near-city office building off-market to a local Brisbane investment group.JLL’s Elliott O’Shea and Seb Turnbull handled the sale for 433 Boundary Street, Spring Hill, Queensland.The deal, struck at just over $41.5 million, reflects a passing yield of approximately 8.09%, and demonstrates the ongoing demand for office in Brisbane, particularly for assets that have short to medium-term value-add opportunities.The asset comprises a three-level office building that is fully leased to secondary education provider IES College, with approximately five years remaining on the lease.It is situated on a prominent 3776sqm land holding and located just 1km from the Brisbane CBD.Mr O’Shea said: “Elevated construction costs, partnered with the current cost of capital, are making new office development of any scale challenging. This, coupled with a buoyant leasing market, has led to double-digit rental growth, which is stoking investor interest and demand for counter cyclical office opportunities.”Previous ArticleNext Article
JLL’s Elliott O’Shea and Seb Turnbull handled the sale for 433 Boundary Street, Spring Hill, Queensland.The deal, struck at just over $41.5 million, reflects a passing yield of approximately 8.09%, and demonstrates the ongoing demand for office in Brisbane, particularly for assets that have short to medium-term value-add opportunities.The asset comprises a three-level office building that is fully leased to secondary education provider IES College, with approximately five years remaining on the lease.It is situated on a prominent 3776sqm land holding and located just 1km from the Brisbane CBD.Mr O’Shea said: “Elevated construction costs, partnered with the current cost of capital, are making new office development of any scale challenging. This, coupled with a buoyant leasing market, has led to double-digit rental growth, which is stoking investor interest and demand for counter cyclical office opportunities.”Previous ArticleNext Article
The deal, struck at just over $41.5 million, reflects a passing yield of approximately 8.09%, and demonstrates the ongoing demand for office in Brisbane, particularly for assets that have short to medium-term value-add opportunities.The asset comprises a three-level office building that is fully leased to secondary education provider IES College, with approximately five years remaining on the lease.It is situated on a prominent 3776sqm land holding and located just 1km from the Brisbane CBD.Mr O’Shea said: “Elevated construction costs, partnered with the current cost of capital, are making new office development of any scale challenging. This, coupled with a buoyant leasing market, has led to double-digit rental growth, which is stoking investor interest and demand for counter cyclical office opportunities.”Previous ArticleNext Article
The asset comprises a three-level office building that is fully leased to secondary education provider IES College, with approximately five years remaining on the lease.It is situated on a prominent 3776sqm land holding and located just 1km from the Brisbane CBD.Mr O’Shea said: “Elevated construction costs, partnered with the current cost of capital, are making new office development of any scale challenging. This, coupled with a buoyant leasing market, has led to double-digit rental growth, which is stoking investor interest and demand for counter cyclical office opportunities.”Previous ArticleNext Article
It is situated on a prominent 3776sqm land holding and located just 1km from the Brisbane CBD.Mr O’Shea said: “Elevated construction costs, partnered with the current cost of capital, are making new office development of any scale challenging. This, coupled with a buoyant leasing market, has led to double-digit rental growth, which is stoking investor interest and demand for counter cyclical office opportunities.”Previous ArticleNext Article
Mr O’Shea said: “Elevated construction costs, partnered with the current cost of capital, are making new office development of any scale challenging. This, coupled with a buoyant leasing market, has led to double-digit rental growth, which is stoking investor interest and demand for counter cyclical office opportunities.”Previous ArticleNext Article
