Forza 340 Adelaide Street Fund

340 Adelaide Street, Brisbane, QLD

Land Size1,637m²
Building Size12,834m²
Purchase DateNovember 2020
Purchase Price$86,750,000
Current Valuation$98,600,000

The Forza 340 Adelaide Street Fund is an unlisted property fund which holds a fully refurbished 12,834m² commercial office building with 100 car parks and a 5 Star Nabers Rating in the Brisbane CBD. At $86,750,000, or $6,759m², the asset was acquired at a very attractive rate given the quality of the building and the location.

Purchased 93% occupied with a WALE of 3.8 years, the vacant space has been leased up and the Fund is providing investors with a distribution yield in excess of 9% p.a.

Located only one block from the “Golden Triangle”, Brisbane’s premier office precinct, the Property was originally constructed to a high standard for Federal Government tenants and is strategically located on two power grids for security and redundancy purposes. With Central train station only 300 metres away and quality nearby amenity with the Eagle Street retail precinct, Howard Smith Wharves and numerous food courts, the Property has a strong leasing history and remains in demand with tenants.

The building has a typical floorplate size of 902m² and a central lift core, providing flexibility and appealing to a broad range of tenants. At the time of purchase the property was occupied by 24 tenants including Oracle, Cisco, the Attorney-General’s Department and Cover-More Insurance.

The quality of the asset and the attractive entry price facilitates a defensive investment position.

In the 5 years before the Fund took ownership, over $10.54 million was spent on the asset including lift upgrades, foyer and amenities refurbishment, a wellness room, BMS, electrical upgrades and tenancy works. A timber clad foyer sets the scene on entry, and extensive end of trip facilities and bike storage offers tenants and their staff a multitude of transport options.

Forza Capital intends to work proactively with tenants to ensure their ongoing needs can be met whilst making continued improvements to the building.

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