The inventor of the orbital engine, billionaire Ralph Sarich, has purchased from the Fairfax family its Waterloo Junction development in Brisbane for $47 million.
The property at 4-12 Commercial Road Newstead contains a five-level office building, which is the headquarters of listed builder Watpac, and heritage hotel, The Waterloo.
Known as Waterloo Junction, the A-Grade commercial office tower is fully-leased, and apart from the hotel, the property also has a First Choice liquor outlet. The land area is 0.51 hectares and has a floor area of 6,500 square metres and car parking for 77 vehicles.
The property was bought by the Fairfax family’s Cambooya Properties for around $37 million in 2011. The Australian Financial Review reported that the sale follows the purchase by Cambooya of a building in Sydney’s Crows Nest for $14.515 million.
The Newstead transaction was handled by JLL. The office tower was designed by architects Cottee Parker and the hotel underwent a refurbishment six years ago.
The Sarich family’s vehicle Cape Bouvard Investments is chaired by Ralph Sarich’s son, Peter. The family invests in property, energy and engineering.
Ralph Sarich rose to fame after his orbital engine appeared on the ABC TV program The Inventors in 1972. The claim was that the engine’s compact design had more power, was more fuel efficient and produced fewer emissions.