A private investor has successfully acquired a fully leased, modern A-Grade office building located in the emerging office precinct of Hamilton Northshore Priority Development Area (PDA) in Queensland for $18.5 million.
The property, situated at 381 Macarthur Ave, comprises a Net Lettable Area (NLA) of 2,846sqm* on a 2,399-sqm* site, with a Weighted Average Lease Expiry (WALE) of 2.3 years. The property boasts minimal forecasted capital expenditure requirements and provides substantial benefits in terms of depreciation and warranty.
Sold exclusively by Mike Walsh and Peter Court of Cushman & Wakefield, one of the standout features of 381 Macarthur Avenue is its excellent and superior car parking amenity, accommodating a market-leading ratio of 1:24 square meters, allowing for convenient access and enhanced employee and visitor experience.
Mike Walsh, Cushman & Wakefield’s Director, Joint Head of Middle Markets, QLD said the building holds a strategic position within the Hamilton Northshore PDA, which is an urban renewal precinct spanning 304 hectares.
“Situated just 5 kilometres from the Airports and 5.5 kilometres from the CBD, the area 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. 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.”
“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. 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.”
Peter Court, Cushman & Wakefield’s Director, Joint Head of Middle Markets, QLD said offering high-quality improvements, requiring minimal forward-looking capital expenditure, the asset guarantees 100% occupancy within an emerging office precinct.
“The acquisition aligns with the investor's growth strategy and demonstrates their confidence in the potential of the Hamilton Northshore PDA” he said.
