Real estate investor and manager Cromwell Property Group (ASX:CMW) (Cromwell) yesterday settled its acquisition of 400 George Street in Brisbane for $524.75 million.
Cromwell’s Head of Property, Bobby Binning, commented, “The Brisbane CBD office market continues to gain momentum with sustained demand for high quality assets. 400 George Street is an A-grade building located in the convenient and prestigious North Quarter precinct, with large efficient floor plates, excellent natural light and great amenities.”
“As per our ‘Invest to Manage’ strategy, we are continuing to recycle capital from assets where we have already added significant value, such as Northpoint Tower, to new opportunities such as 400 George Street.”
“This enables us to add enterprise value through the creation of new funds with capital partners,” concluded Mr Binning.
400 George Street is a 35-level building constructed in 2009 with a total net lettable area of 43,978 sqm spread across office, retail, and childcare. A 4.9-year WALE and 99.8% occupancy rate are underpinned by blue-chip corporate and State and Commonwealth government tenants.
The building’s sustainability credentials are reflected in 5.5-Star NABERS Energy, 4.0-Star NABERS Water and 5.0-Star NABERS Indoor Environment Ratings as well as a 5.0-Star Green Star As-Built Rating.