Cromwell Property Group (ASX: CMW) (Cromwell) has announced its A-grade office tower in the heart of Kelvin Grove’s Urban Village has gone unconditional with settlement due on 6 April 2018.
At its half-yearly (HY18) results on 28 February 2018, Cromwell announced pro-forma gearing of 38.9% exclusive of the contracted sale of the property.
The seven-storey building is a cornerstone building of the inner north Brisbane business hub and has been sold to the main tenant, the Queensland University of Technology (QUT), for $84 million.
Cromwell acquired the site as a fund through in June 2007, with construction completed in late 2008.
88 Musk Avenue includes ground floor retail, six floors of office space and 217 basement carparks. The 14,144-square metres (sqm) of net lettable area is leased to QUT, Boral Resources and three ground floor retail tenants.
The building has a 5-Star Green Star Rating and a 5.5-Star NABERS Energy Rating, and is one of the few of its calibre in the area.
Cromwell CEO Paul Weightman said Musk Avenue had been a strong 10-year investment.
“Musk Avenue is another example of Cromwell’s ability to invest wisely and actively manage our assets. We continuously review our property portfolio to deliver optimal returns for our investors,” Mr Weightman said.