25 May 2022
20-level Office Building Located in Brisbane’s Prime “Golden Triangle” Precinct with Resilient and Diverse Income Stream
Investment house Wingate today announced it has exchanged contracts to acquire the freehold interest in 200 Mary Street, Brisbane, QLD, a 20-level office building located in Brisbane CBD’s prime “Golden Triangle” precinct. The property offers a resilient and diverse income stream primarily derived from 32 tenants, including Cromwell, IOOF Services, Secure Parking (which manages the 134 below ground car spaces), and one retail tenant.
“Wingate is excited to offer co-investors the opportunity to invest in a property that is located in a highly-desirable part of Brisbane’s CBD, directly opposite the Waterfront precinct,” said Wingate Property Executive Director, Dan Farley.
“200 Mary Street has many desirable attributes: a diverse income stream generated by more than 30 tenants, consistently high occupancy, and a solid history of tenant retention on attractive covenants.
“Furthermore, the property is expected to benefit from more than $12 billion of nearby capital works, primarily during the hold period, on the Waterfront precinct, Cross River Rail, Queens Wharf, Brisbane Metro, and Brisbane Live, in the lead up to the 2032 Brisbane Olympics,” continued Farley.
The purchase price for the 20-level asset is $108.5 million, with Wingate’s existing co-investors being offered the exclusive opportunity to participate in the investment. Quarterly distributions are expected to commence at 5.5% p.a. and forecast to increase to 6.25% p.a. during the initial investment term, with a target net equity IRR in excess of 11.0%+ p.a.
Wingate is the sole investment manager and will be a co-investor. The transaction is expected to close in June 2022.