Browse all categories | Subscribe My Account | Logout
Browse all categories
< Back

The Dymocks family acquires its second Brisbane office tower asset

Property Markets / Transactions

Australia

Jul 16 2019

Add to Favorites

Share this Article:

In their second acquisition in Brisbane, Dymocks Properties and the Dymocks Bookstore family has acquired has a 14-level commercial tower for $42.1 million at 420 George Street, which is the legal precinct of the CBD.

The deal reflects a passing yield of 7.1 per cent and at a rate of just under $7000 per square metre.

In an effort to diversify its business activities away from its core business of book retailing the Dymocks family announced in 2014 it was on the hunt for property assets with $150 million to spend and a focus on Brisbane.

The vendor, Forza Capital, acquired the property for $20 million in 2015 as a distressed asset and went on to increase the building's occupancy from 8 per cent to 96 per cent. The property has a WALE of 4.2 years.

 

SOURCE:

img

You may also like...


Load More

bannerImage
bannerImage

Login into your MP Report account

Forgot my password

Sign up to the MP Report

Creating an account with MP Report allows you to save articles and update your preferences to filter the content based on your interests and what content you would like to receive from us via our email alerts and newsletter.

SIGN UP HERE >