Fortitude Valley office site listed for over $90 million
Invested Australia Property Fund have listed the 11- storey office building located at 757 Ann Street, Fortitude Valley, to market.
It comes with an expected price guide of in excess of $90 million.
Cushman & Wakefield have been appointed to undertake an expression of interest campaign which commences 14 October.
Completed in 2014, the state-of-the-art building comprises 9,422 sqm of A grade office space.
The building is fully-leased with a weighted average lease expiry of about five years.
The property’s strong income profile is supported by the anchor tenant - multi-billion dollar technology company, Asea Brown Boveri.
The building occupies a corner position on Ann Street, one of Fortitude Valley’s main thoroughfares, and Morgan Street.
Brisbane’s renowned rooftop bar, Bar Eleven, is also located on the top floor.
The building is located just one kilometre from Brisbane’s CBD in the tightest-held Brisbane fringe market, the Urban Renewal precinct.
According to Cushman & Wakefield research, vacancies in the area have dropped from 14.2% to 12.1% between January 2019 and June 2019.
Cushion & Wakefield’s Joint Head of Middle Markets, Peter Court said the entire commercial component of the asset is structured on a net lease basis, providing smooth, predictable cash flow for investors.
“This, combined with the building being 100% leased, a multi- billion dollar blue chip anchor tenant, and a strong local office leasing market adds to the attractiveness for prospective buyers that are chasing diminishing yields in other asset classes.”
The A-grade tower was designed by Nettleton Tribe and completed in 2014.
