One of Brisbane Fringe Cityscope’s newly added properties has sold for $250 million, representing an initial yield of 6.1%. 100 Skyring Terrace, Newstead has been sold by two Charter Hall funds, Charter Hall Direct Office Fund and Charter Hall Prime Office Fund. The sale was arranged by Flint Davidson, Bruce Baker and Tom Phipps of CBRE Brisbane. The buyer was Growthpoint Properties Australia, an Australian real estate investment trust which listed on the Australian Securities Exchange in 2007.
According to Brisbane Fringe Cityscope, 100 Skyring Terrace is an A-grade, 13-storey office building. Only four years old it includes 195 car parks, end of trip facilities and storage on the mezzanine level above; 1,284 sqm of retail/commercial space on the ground floor and office space over levels 3 to 12. Major tenants over the 24,665 sqm building area include the Bank of Queensland, Collection House Group and Konica Minolta.
The property was developed at an estimated cost of $175 million and includes a 5.5 star NABERS rating. It is ideally located on the fringe of the Brisbane CBD, is within the Urban Renewal Precinct and is well serviced by bus, rail and ferry.