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The Dymocks family acquires its second Brisbane office tower asset

Property Markets / Transactions


Jul 16 2019

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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.




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