Excellent returns on commercial property continue to be seen this week with the sale of 150 Charlotte Street, Brisbane at $105.75 million. CIMB-TrustCapital Australian Office Fund No. 1 purchased the property for $45.33 million in 2012. CIMB-TrustCapital Australian Office Fund No. 1 is a limited partnership registered in Singapore, which is managed by CIMB-Trust Capital Advisors Pte Ltd. The agents involved with the sale were CBRE Melbourne, JLL Brisbane and JLL Sydney. 

The purchaser was Australian Unity Office Fund, which listed on the Australian Stock Exchange in June 2016. Before that, it was an unlisted, open-ended property syndicate, formed in April 2005. The fund is managed by Australian Unity Investments and it owns commercial property across Australian including in Brisbane, Parramatta, Canberra, Melbourne and Adelaide.

150 Charlotte Street, according to Brisbane Cityscope, is a 19-storey office building of 11,000 sqm with three levels of basement car parking for 102 vehicles. It was built in 1988 and extensively refurbished in 2012. It is fully leased and is three quarters occupied by blue chip tenants, Boeing Defence Australia and the federal government through the Department of Foreign Affairs & Trade.

The sale price of $105.75 million represented an initial passing yield of 6.7%.