Office investment - Multi-tenanted, boom town
Acquired for syndication – Multi-tenanted office building
April, 2017: North Lakes building fetches close to $7m
An office building in the master-planned community north of Brisbane has been secured by a funds manager for close to $7 million.
The building, in Lakes Vista Office Park, has 6 tenancies, some of which are leased to international companies, and 46 basement carparks.
North Lakes was named Australia’s best master planned community of 2017 by the Property Council of Australia, and is home to a Westfield, Ikea and Queensland’s only Costco.
Commenting on the sale, Robert Stanley-Turner from Box Commercial Estate Agents said, ‘Office parks tick a lot of the boxes for tenants: a workforce on the doorstep and lots of cost-effective parking. Anyone who drives understands the congestion of our road network, so companies prize locations where their staff can live close and park on the premises.’
Melbourne-based Box Commercial consults to funds managers across Australia, monitors sales and trends in group investments and refers individual investors to investor groups.
Mr Stanley-Turner also said that North Lakes has excellent road links and the commercial buildings are new and frequently purpose-built. This means they come with maximum depreciation and associated tax advantages, long WALEs, and the capital growth potential of high-growth urban corridors.
‘Land between Brisbane and the Sunshine Coast is filling up fast: Moreton Bay Regional Council, where West Lakes is situated, recorded the biggest regional migration inflow in Australia in 2014/15,’ Mr Stanley-Turner said. ‘And it’s continuing to boom.’
All areas and figures are approximate only. All reasonable steps have been taken to ensure the accuracy of this information and this does not constitute any representation by us as agent and should be considered a guide only.