RF Corval, the property funds platform backed by Rich Lister Andrew Roberts, has sold a suburban office in Brisbane, held since it was developed seven years ago for an energy company, for $46.5 million to a Sydney-based private investor.
Located at 365 Macarthur Avenue in Hamilton, a riverside suburb in Brisbane’s north-east, the 5000 square metre building was sold on a capitalisation rate, akin to an investment yield, of 5.3 per cent.
RF Corval had acquired the building for $31.2 million for an unlisted trust it managed.
“After working with the tenant to acquire the property on a fund through basis in 2015, we’re delighted to achieve a great result for our investors and remain active in the current market for new opportunities across multiple sectors,” said RF Corval’s head of transactions, Oliver Picone.
The property is in the heart of a priority development area, Northshore Hamilton – a riverfront precinct that is slated to accommodate the main athletes’ village for the Brisbane 2032 Olympic and Paralympic Games.
When the site was acquired by the RF Corval fund, Puma Energy had committed for an initial term of 15 years, using the building as its head office. Puma was taken over by Chevron at the end of 2019. The expiry in 2031 lines up with the planned redevelopment of the Northshore area, ahead of the Brisbane Olympics.
RF Corval’s main shareholder is RF Capital, the family office of the Roberts family, founders of builder Multiplex.
CBRE agents Jack Morrison and Adelaide O’Brien brokered the deal for RF Corval alongside Peter Court, Mike Walsh and Fred Le Fanue from Cushman & Wakefield.
“We are expecting to announce a number of transactions in the Brisbane office market below $100 million in the coming months, which will continue to demonstrate that quality property in Brisbane is still highly contested,” Mr Morrison said.
The Macarthur Avenue building has a net lettable area of 5040 square metres and floor plates of 1650 square metres.
“As well as the high-quality nature of the asset, the fact there were no outstanding incentives running through the cashflow was a rare and appealing point for investors seeking clean cash flow in an emerging precinct,” Cushman & Wakefield’s Mr Court said.
Article source: www.afr.com
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