Rockworth Capital Partners (RCP) has acquired a freehold office building, 100 Edward Street, located within Brisbane’s ‘Golden Triangle’ financial precinct.
The property was purchased from an investment partnership managed by Evolution Private, in an off-market transaction valued in excess of A$60 million ($44 million).
The acquisition of 100 Edward marks RCP’s first entry into the Brisbane CBD office market, and builds on the RCP’s existing Queensland retail presence including Town Square Redbank, Everton Park and Rothwell shopping centers.
Strategically located at the junction of Edward and Mary Streets, the property is situated on a corner site of 15,000 square feet. Comprising approximately 77,000 square feet of office space, the 17-story tower has 109 car park spaces and ground floor retail tenancies.
The column-free building is more than 90 percent occupied. It has also been recently refurbished with a modernized lobby and has undergone lift interior and building services upgrades.
Following the acquisition, RCP’s portfolio now comprises office assets in Australia’s four largest commercial real estate markets, Sydney, Melbourne, Perth and Brisbane.
RCP continues to look for investment opportunities of a similar value-add nature or counter-cyclical propositions, to provide compelling risk adjusted returns for its investor base.
“As a mid-to-long term investor, RCP maintains a positive outlook for both the Brisbane and broader Queensland markets, particularly given the pipeline of committed infrastructure projects,” said Lim Kin Song, RCP CEO. With a national portfolio of 14 office and retail assets, RCP can also continue to take advantage of varied growth drivers across the major Australian markets that can enable portfolio diversification and counter-cyclical investment, all within one jurisdiction known for its transparency.”
