Centuria Capital Group is moving to sell its KSD1 office complex in Brisbane as part of a national reweighting strategy post last year’s acquisition of the Hines Global REIT portfolio.
CBRE’s Tom Phipps, Flint Davidson and Adelaide O’Brien have been jointly appointed to sell the prominent Hamilton asset with Cushman & Wakefield’s Peter Court and Mike Walsh.
Located at 438-517 Kingsford Smith Drive, in the city's north, the prominent property serves as Domino’s national headquarters and is also home to developer Devine Group, Collins Restaurants Management and Woolworths Group.
The property, which has an attractive weighted average lease expiry of six years, comprises two modern retail and office buildings, which were completed in May 2013. Combined, the buildings offer a net lettable area of 9,274sqm and 188 parking spaces.
CBRE Senior Director, Tom Phipps, noted that over 90% of the gross income was secured by ASX-listed tenants, with 72% of the office component leased to Domino’s and Collins Foods and Woolworths anchoring the ground floor retail space.
“With limited institutional grade stock available in metropolitan markets around the country and the cost of debt at record lows, we expect KSD1 to receive strong interest from buyers looking for income and growth,” Mr Phipps said.
“The anchor tenant, Domino’s, is committed to the building until 2028 positioning the asset to capitalise on the ‘super urbanisation’ of the $5 billion Hamilton Northshore precinct, which is set to deliver housing for approximately 15,000 people and office accommodation for 10,000 workers daily across the 304ha site.”
Cushman’s Peter Court said KSD1’s highly visible site on one of Brisbane’s busiest arterial roads, linking the airport and Trade Coast with the CBD, would help underpin buyer interest as would the property’s stablished income and six-year WALE.
“The property’s high-quality, campus style accommodation, sustainability credentials and opportunities to add value will be key buyer draw cards, underpinned by the strong forecast population growth in the Hamilton precinct,” Mr Court said.
Expressions of Interest close 19th September 2019.
CBRE’s Tom Phipps, Flint Davidson and Adelaide O’Brien have been jointly appointed to sell the prominent Hamilton asset with Cushman & Wakefield’s Peter Court and Mike Walsh.
Located at 438-517 Kingsford Smith Drive, in the city's north, the prominent property serves as Domino’s national headquarters and is also home to developer Devine Group, Collins Restaurants Management and Woolworths Group.
The property, which has an attractive weighted average lease expiry of six years, comprises two modern retail and office buildings, which were completed in May 2013. Combined, the buildings offer a net lettable area of 9,274sqm and 188 parking spaces.
CBRE Senior Director, Tom Phipps, noted that over 90% of the gross income was secured by ASX-listed tenants, with 72% of the office component leased to Domino’s and Collins Foods and Woolworths anchoring the ground floor retail space.
“With limited institutional grade stock available in metropolitan markets around the country and the cost of debt at record lows, we expect KSD1 to receive strong interest from buyers looking for income and growth,” Mr Phipps said.
“The anchor tenant, Domino’s, is committed to the building until 2028 positioning the asset to capitalise on the ‘super urbanisation’ of the $5 billion Hamilton Northshore precinct, which is set to deliver housing for approximately 15,000 people and office accommodation for 10,000 workers daily across the 304ha site.”
Cushman’s Peter Court said KSD1’s highly visible site on one of Brisbane’s busiest arterial roads, linking the airport and Trade Coast with the CBD, would help underpin buyer interest as would the property’s stablished income and six-year WALE.
“The property’s high-quality, campus style accommodation, sustainability credentials and opportunities to add value will be key buyer draw cards, underpinned by the strong forecast population growth in the Hamilton precinct,” Mr Court said.
Expressions of Interest close 19th September 2019.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
