WA-based property development company Ascot Capital Limited has acquired the South Regional Business Centre (SRBC) at Yeerongpilly for $35.25 million.

Comprising 4,198 square metres is currently fully leased to Brisbane City Council until mid-2027, with two additional five-year options. 

City of Brisbane Investment Corporation Acting CEO Kirsty Rourke said that the property is centrally located in an area set for considerable growth over the next few years.

At a glance: 

• The City of Brisbane Investment Corporation (CBIC) has sold the South Regional Business Centre (SRBC) at 665 Fairfield Road, Yeerongpilly for $35.25 million.
• Comprising 4,198 square metres is currently fully leased to Brisbane City Council until mid-2027, with two additional five-year options. 
• The property was offered for sale via Expressions of Interest through agents Mike Walsh, Peter Court and Nick Spiro of Cushman & Wakefield and Peter Chapple (formerly of Savills) and Greg Woods of Savills.

“The site has direct access to major road networks, public transport and a prime position at the gateway to Yeerongpilly Green, a major mixed-use development currently under construction,” she said.

“The SRBC sits directly across the road from Stage One of the Yeerongpilly Green project, which will serve as the ‘town centre’ of the $850 million master-planned community.

“With a secure, long-term tenant in place and a thriving precinct literally growing around the site, it will be an attractive location for businesses in the long-term."

Ms Rourke said the sale was an important part of CBIC’s strategic plan to continually evolve and rebalance its property portfolio. 

“Our primary responsibility is delivering long-term investment growth that helps fund Brisbane’s future amenity needs – in particular, the Council’s program to increase the parks, sporting fields and green space available for Brisbane residents,” she said.

“Over the past year, CBIC has divested several assets, including the SRBC, in order to broaden its investments across asset class, sector and geography. 

“As part of our strategic vision, we are looking to diversify into markets in other locations, including the Sydney and Melbourne metro areas. 

“Rebalancing our investments will solidify the fund’s risk profile as well as its prospects for the continued strong performance CBIC has enjoyed over the past decade."

The property was offered for sale via Expressions of Interest through agents Mike Walsh, Peter Court and Nick Spiro of Cushman & Wakefield and Peter Chapple (formerly of Savills) and Greg Woods of Savills.

Cushman and Wakefield’s Mike Walsh said that the sale was hotly contested with 13 bids received in total from both domestic and offshore parties. 

“Investors were clearly attracted to the Government-backed lease covenant, long term tenure and net lease structure, and given the current climate we expect the market will place a more heightened focus on security of income and covenant moving forward,” he said.

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