Lugarno Partners Investments Pty Limited has purchased a partially leased freehold office in Spring Hill for $2,017,000 on a yield of 4.57%.
The 433 Upper Edward Street building features 434sqm net lettable area over three levels with quality office accommodation on the upper levels and retail banking facilities on the ground floor. The first floor comprising 163sqm is currently vacant.
Long established Bank of Queensland tenant is on a 5 year lease agreement until 2021, occupying 134sqm on the ground floor. The remaining tenants, Moschella & Associates and Boss Lawyers occupy level 2 across 119sqm on 1 year leases. All have options to renew.
Hunter Higgins and James Marshall from Colliers International promoted the property on behalf of the vendor via private treaty campaign.
“Lugarno Partners who purchased the building are looking to occupy majority of the vacant office space on the first level and are looking to lease out the reminder,” Mr Higgins said.
“The building is ideally positioned on a 207sqm site in the heart of Spring Hill. When fully leased previously the building generated approximately $153,811 net per annum.”