Real estate investor and fund manager, Cromwell Property Group (Cromwell), has agreed to acquire 100 Creek Street, Brisbane on behalf of unitholders in the Cromwell Direct Property Fund (DPF or the Fund).
The office building is the second office asset to be purchased by the Fund in Brisbane this year after it successfully secured 545 Queen Street, Brisbane in May.
Cromwell’s Head of Retail Funds Management, Hamish Wehl commented, “100 Creek Street is a landmark building and a stellar addition to the Fund.
“The asset has a sensational location, benefits from great amenity and has been recently substantially refurbished. It’s earnings accretive to DPF and will support the Fund’s long-standing track record of paying unitholders a regular reliable income,” Mr Wehl said.
Located in Brisbane’s Golden Triangle, 100 Creek Street is a 24-storey office tower featuring floor to ceiling glass providing excellent natural light. The building has a total net lettable area of 20,223 sqm with rental income underpinned by a diverse mix of tenants.
Having recently undergone an extensive refurbishment which saw the repositioning of the ground floor lobby and end-of-trip facilities, 100 Creek Street currently holds an exceptional 5-Star NABERS Energy Rating and 6-Star NABERS Indoor Environment Rating.
The acquisition is subject to Foreign Investment Review Board approval (FIRB) and is expected to settle towards the end of November 2021.
DPF currently pays unitholders a regular, reliable income equivalent to an annualised distribution yield of 5.4% via its exposure to nine high-quality office assets across Queensland, New South Wales, Victoria and ACT.