This article is from the Australian Property Journal archive
A FULLY leased modern A-Grade office building in the emerging Hamilton office precinct has sold to a private investor for $18.5 million.
Located at 381 Macarthur Avenue in Queensland’s of Hamilton Northshore Priority Development Area (PDA), the building comprises 2,846sqm of NLA on a 2,399sqm site, with a WALE of 2.3-years.
Mike Walsh and Peter Court from Cushman & Wakefield exclusively managed the sale of the property.
“The acquisition aligns with the investor’s growth strategy and demonstrates their confidence in the potential of the Hamilton Northshore PDA,” said Court, director and joint head of middle markets at Cushman & Wakefield, QLD.
381 Macarthur Avenue boasts its excellent car parking amenity, accommodating a market-leading ratio of 1:24 square meters.
Sitting just 5.5km out from the CBD and 5km from the airports, the Hamilton Northshore PDA is an urban renewal precinct spanning 304-hectares and has been designated as the future home of the 2032 Olympic Village and is expected to house over 15,000 people.
“From a broader market perspective we have had a positive start to the year from an activity standpoint,” said Walsh, director and joint head of middle markets at Cushman & Wakefield, QLD.
“Clearly the market is highly price sensitive at present and after reaching a nadir at the back end of 2022, there is a renewed appetite and desire to transact from a mix of purchaser groups on the proviso pricing guidance is realistic.”
The asset offers high-quality improvements, requires minimal capital expenditure and guarantees 100% occupancy within an emerging office precinct.
“Our team currently has over $180m of Mid markets assets in Due Diligence across the eastern seaboard, with another $250m worth of stock currently in the market or forthcoming shortly giving us a very accurate lens as to current market dynamics,” added Walsh.
“So if you consider that volume in the context of what traded in the preceding 12 months it hopefully sets us up for a positive 2023.”
In Brisbane’s office market, ANZ has announced plans to set up a new tech hub in the city that will accommodate up to 700 staff over five years, while last week a three-level office building in Brisbane’s Fortitude Valley has sold to a local investor for $9.725 million.
