In an off-market deal this week, Forty Tank, at 40 Tank Street Brisbane, has been sold for $93 million.

The sale was arranged by Seb Turnbull, Geoff McIntyre and Luke Billiau of JLL Brisbane on behalf of Seyaal Tank Street Pty Ltd. Seyaal Tank is a partnership between Kevin and Kay Seymour of Newstead and Ariadne Australia Limited, a public company led by Kevin Seymour and his fellow directors, David Baffsky, Maurice Loomes, John Murphy and Dr Gary Weiss.

According to Brisbane Cityscope, Seyaal Tank purchased the property on behalf of the 40 Tank Street Trust, paying $56 million for it just two years ago, thus realising a 66% capital gain. Forty Tank is an 11-storey office building comprising ground floor shops and an office and five levels of public car parking for a total of 321 vehicles, topped by five floors of offices and a building area of 6,218 sqm. The commercial space is wholly occupied by a federal government tenant, the Queensland Police Service and 46% of its passing income is generated by the car parking component.

Charter Hall was the buyer, one of Australia’s leading property groups, which was established in 1991 and now has a total managed property portfolio of $22.5 billion including 332 commercial properties around Australia. 

The purchase price of $93 million represented an initial yield of 5.84% on passing income of $5,431,200.