Engage Capital has netted $16.75 million selling a historic woolstore that had been converted into offices, The Australian reported.
The four storey woolstore, located at 130 Commercial Road Newstead, was originally built in the 1900s, before being converted to offices in 2002. It was acquired by Engage Capital from a foreign owner in 2011.
It has a net lettable area of 4026sq m and 42 carparks.
Radio station Nova FM is the anchor tenant with a number of smaller tenants including LG Commodities.
The sale price reflected a net passing yield of 7.34 per cent and a rate of $4160 a square metre.