Australian Unity Property Income Fund has purchased 17 Byres Street, a fully leased 1,341 square metre NLA office building on a 687 square metre site in Brisbane.
 
The asset was successfully sold by Ray White Commercial Queensland Director and Head of Investments Sales Tom Barr.

At a glance:

• New office building in Newstead, Brisbane, sells for $11 million
• Four-level building is fully leased with a net passing income of approximately $730,000 per annum
• The sale price translates to $8,203 per square metre

Mr Barr said the sale price of $11 million reflected an initial passing yield of 6.63 per cent with a $8,203 per square metre capital value.
 
He said the building was completed in May 2019 and that Ray White had received very strong buyer interest prior to a formal EOI campaign which resulted in the off-market sale.

"17 Byres Street incorporates a series of versatile workplaces addressed by a four-storey atrium – a generous public entry designed to provide a rejuvenating experience of abundant landscape, natural light and views to the sky," Barr said.
 
"It's exceptionally located just 2km from the CBD and is on the doorstep of the vibrant Newstead Riverpark in the heart of Brisbane’s most dynamic and fastest-growing urban renewal precinct.
 
"The building offers typical floor plates of approximately 450 square metres, a rooftop entertainment and breakout area of around 350 square metres, end of trip facilities, and also has 14 car park bays. 

"The asset is currently 100 per cent leased and has a net passing income of approximately $730,000 p.a."

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