Forza 340 Adelaide Street Fund
340 Adelaide Street, Brisbane, QLD
KEY PROPERTY INFORMATION
| Land Size | 1,637m² |
| Building Size | 12,834m² |
| Occupancy | 100% |
| Purchase Date | November 2020 |
| Purchase Price | $86,750,000 |
| Current Valuation | $98,700,000 |
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 5.5 Star NABERS rating in the Brisbane CBD. Acquired for $86,750,000, or $6,759m², the purchase was particularly attractive given the quality of the building and the location.
The Property is currently fully occupied and has a WALE of 3years. Importantly, the Property is providing investors with a distribution yield in excess of 9% p.a.
Since acquisition, the Fund has managed to improve the NABERS rating from 5.0 Stars to 5.5 Stars and we are currently working through a process to try and achieve 6 Stars.
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. Presently, the Property is occupied by a range of 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.
