Dymocks Properties has purchased the 14-level commercial tower at 420 George Street, Brisbane for $42.1 million.

The deal between Dymocks and vendor Forza Capital on a passing yield of 7.1 per cent and at a rate of just under $7000 per square metre.

Situated at the corner of George Street and Tank Street, the building is at the centre of the Brisbane legal precinct with proximity to Queensland Supreme & District Courts, Brisbane Magistrates Court, the Federal & Family Courts, the Department of Justice and Attorney General and the Queensland Police Headquarters.

At a glance:

• Dymocks Properties has purchased 420 George Street, Brisbane from Forza Capital for $42.1 million on a passing yield of 7.1 per cent and at a rate of just under $7000 per square metre.
• The transaction was brokered by Peter Court and Mike Walsh of Cushman and Wakefield.
• This deal represents Dymocks’ second property acquisition in the Brisbane market.

The transaction was handled by Peter Court and Mike Walsh of Cushman & Wakefield.

Mr Court said the deal was the "culmination of a successful repositioning strategy" implemented by Forza over a 4 year period after purchasing the building in 2015 for $20,000,000 (95 per cent vacant).

Forza Capital, which looks for mispriced opportunities in the market, 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.

This deal represents Dymocks’ second property acquisition in the Brisbane market.

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