Alceon Offloads Murrarie Site for $27.6m
The Urban Developer
Dinah Lewis Boucher
Feb 15, 2021
Alceon and Keystone Private have sold an east Brisbane property to Perth-based syndicator Ascot Capital for $27.6 million in an off-market deal, less than two years after purchase. Alceon acquired the 48 Miller Street Murrarie property from Fawkner Property Group for $16.3 million in November 2019. Following purchase, a 1,043sq m expansion of the facility was completed along with an eight-year leasing deal to Brisbane-based electric vehicle charging station company Tritium. The leasing deal comes four months after Alceon purchased the 8184sq m site from Fawkner on an 8 per cent yield.
The latest transaction reflects a 6.43 per cent yield.
The Murrarie acquisition adds to Ascot’s portfolio, after securing the South Regional Business Centre in Yeerongpilly for $35.25 million in May last year. The building, at 665 Fairfield Road Yeerongpilly, is currently fully-leased to Brisbane City Council until mid-2027, with two additional five-year options.
Alceon is also behind plans for a $200 million mixed-use development at 240 Sandgate Road in Albion, in Brisbane’s inner north.
The 48 Miller Street, Murrarie transaction was negotiated by Jack Morrison and Peter Chapple of CBRE.
Morrison said that investment-grade properties offering strong lease terms continue to be sought after, as investment funds and syndicates look for assets providing reliable returns.
The Murrarie facility will continue to be occupied by Tritium, which has operations in Europe, the Asia Pacific, and the United States, as its research and development headquarters.
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