Former premier buys courthouse office
Former Queensland premier Campbell Newman, now co-director of fund manager, Arcana Capital, has snapped up a sprawling office opposite the Toowoomba Courthouse and police station.
The two level, fully leased building at 162 Hume Street, East Toowoomba, cost $8.475 million – a high 8.51 per cent net passing yield.
The result was against a $9m guide last October.
It went under offer in May.
FUM approaching $260m
The East Toowoomba acquisition comes a month since we reported Arcana outlaid $8.5m for a suburban Adelaide investment leased to the state government.
Following settlement of both assets, the nine year old fund manager will control real estate worth a total $259.4m.
The blended weighted distribution is about 7.4pc, per annum (story continues below).
Hume St should perform better than that – aiming to deliver unitholders an 8pc annual return, a spokesperson said.
162 Hume Street
On 3680 square metres zoned Mixed Use Parkland Living, with 72 car parks, 162 Hume Street’s common area was recently refurbished.
The air conditioning system also underwent a major upgrade.
The weighted average lease expiry by income is 3.6 years; with 2160 sqm, tenants include the state government, GHD and McLean Care.
LJ Hooker’s Chris Stewart and Justin Eastwell were the agents.
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