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A private family syndicate has been revealed as nabbing a brand-new commercial asset in the highly coveted Brisbane Technology Park.
Cushman & Wakefield lauded the $23 million deal, which was negotiated by Mike Walsh and Peter Court.
The private investor, touted as a local by the firm, paid $23 million to business and technology precinct developer Graystone for the space at 5 Miles Platting Road, equating to an initial yield of 6.49 per cent, thanks to a newly secured 10-year whole-of-building lease to Anglicare.
According to a statement, the new facility comprises 2,973 square metres of net lettable area on a 2,503-square-metre site, with 100 dedicated car spaces.
Cushman & Wakefield said the Brisbane business park is firming up as “Brisbane’s largest and most prestigious business park”.
It’s been a successful year for Mr Walsh and Mr Court, who have managed three suburban office park transactions to date. They’ve also recently been responsible for the sales of nearby 35 Miles Platting Road (for $13.55 million) and 381 Macarthur Avenue, Brisbane Technology Park Northshore Hamilton.
Mr Walsh himself, a director of the firm and the joint head of middle markets Queensland, said: “These deals reaffirm the outperformance of these parks, attributed to the cost-effective value proposition they offer, compared to immediate inner-city options.”
“Additionally, the above-average car parking ratios and strategic access to major transport nodes further contribute to their appeal,” he continued.
“Clearly there has been a material shift in pricing over the course of this year, however the yield achieved on this deal highlights the fact that capital remains drawn to assets underpinned by blue chip covenants and long tenure when you consider where the current 10-year bond rate sits and the relevant risk premium investors would typically apply to direct real estate.”
With the end of 2023 very firmly in sight, Cushman & Wakefield has shared that private buyers continue to dominate the market.
A local family syndicate was behind the latest purchase, with Mr Walsh divulging that “this buyer, in particular, is a returning client, having acquired another property from us earlier in the year”.
He believes “it underscores the thematic that private investors are looking to capitalise on a thinner buyer market, with the majority of listed groups focused on rebalancing their portfolios with divestments”.
ABOUT THE AUTHOR
Grace Ormsby
Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.
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