Property funds manager Clarence Property’s unlisted Westlawn Property Trust has acquired a commercial and retail building in the heart of Brisbane’s Hamilton for $12 million.
The fully tenanted asset at 9 Hercules Street Hamilton is a 2,175 square metre commercial precinct currently home to Vystal Property Group, Exercise Sports Science Australia, Corporate Development Mentors and Medi Pro Capital Finance.
“The Brisbane city and fringe market remains highly competitive in the sub $15 million range, so finding an asset that wasn’t over rented with a WALE above 3.5 years was very attractive,” Clarence Property managing director Peter Fahey said.
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“The site also has an approved unit development which offers flexibility in the future should we decide to develop when the time is right.
The property is located near the $1 billion Portside Wharf, one of Brisbane’s most active retail precincts adjoining the Brisbane cruise terminal.
Clarence has kept their trust busy over the past year with a string of acquisitions and a recent capital raising in a bid to bring more investors into their fold.
The recently launched capital raising for WPT forecasted a seven per cent monthly cash distribution to investors and an 8.6 per cent gross distribution including franking credits.
The successful acquisitions over the past 12 months included the purchase of 201 Leichhardt Street Spring Hill for $14.272 million and 48 Bell-Aire Avenue Northgate for $8.475 million in October 2017.
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Commercial precinct 183 Varsity Parade, Varsity Lakes, was secured for $11.8 million in March 2017, bringing the total value of WPT acquisitions over the past year to $46.5 million.
“We continue to invest predominantly in the northern New South Wales and South East Queensland regions, where we see strong potential, and we have spread our interests across retail, commercial, logistics and development assets to leverage opportunities for growth across the board,” Fahey said.