Southern Cross Group has bought a recently-built office building in Eight Mile Plains, Brisbane from Alceon for $19.735 million.
The 3,118 sqm property at 1 Miles Platting Road comprised 2,808 sqm of net lettable area spread over two levels of the building, as well as 62 car parks.
The asset was situated within the Brisbane Technology Park in Eight Mile Plains – about 14 kilometres south of the Brisbane CBD.
The Brisbane Technology Park spans more than 33 hectares, featuring more than 45 office buildings and 200 tenants including Woolworths, 7-Eleven, Toshiba and Fujitsu.
The sale was negotiated by Matt Barker and Blake Goddard of Knight Frank.
Barker said the sale was one of the larger deals in Brisbane Technology Park to take place in recent times.
“While this property was sold in an off-market deal we had significant interest from several buyers keen to invest in the business park,” Barker said.
“A majority of investor interest stemmed from the property’s high-profile position, quality tenants, and strong cash flow.”
Goddard said the building occupied Brisbane Technology Park’s most strategic location with frontage and exposure to both Logan and Miles Platting Road.
“The development benefits from the existing park amenities such as connectivity to the high-speed fibre optic network, onsite security and proximity to childcare facilities, cafes and restaurants,” he said.
The property was the final asset in Alceon’s BTP trust that commenced in 2013.
The trust developed two office buildings and sold three development sites at Eight Miles Plains, as well as four office buildings and a childcare centre at Northshore Hamilton.
Recent commercial property deals in Brisbane include Alex Gow Funerals’ sale of its headquarters in Newstead for $14.3 million earlier this month.
Hines recently bought a logistics facility in Pinkenba from Pipeclay Lawson, as part of a larger deal worth $211.5 million.
Alceon sold a Fitness First gym in Lutwyche to Properties & Pathways for $16.87 million last month, while an EG fund recently purchased a half stake in the Grand Plaza shopping centre from Invesco at an acquisition core capitalisation rate of close to 5.25%.
Charter Hall and its wholesale industrial partnership with PGGM bought a brownfield industrial site in Bowen Hills for $60 million, while PSP Investments and Charter Hall Group acquired an office development under construction in Fortitude Valley.
In February, Marquette Properties exchanged contracts to buy the Blue Tower office property in the city’s ‘Golden Triangle’ from Dexus.