HIA buys a HQ
The Housing Industry Association has picked up a five year old inner-city office to occupy.
The $11.5 million deal for 17 Byres Street, Newstead, quietly struck in February with Australian Unity, reflects a 15 per cent premium to the June, 2023, book value.
The HIA will relocate its Queensland operations from Edmonstone St, South Brisbane.
Patona Property’s Sam Byrne and Jordan George were the agents.
17 Byres St
AU paid $11m for the then-new 17 Byres St, holding it in the Property Income Fund.
With a 15 basement car parks, a rooftop terrace and 1319 square metres of A-grade space over three floors, formerly anchored to ASX-listed Cardno subsidiary Construction Sciences, it was facing full vacancy this year (story continues below).
The HIA is expected to derive an income leasing part out.
The sale result ($11.5m) was also the June, 2021, book value.
The HIA’s national headquarters is in Canberra.
The deal comes a week since we reported the RACQ sold its Brisbane CBD headquarters with a part-leaseback to Sentinel for $72m.
That association outlaid $60m in 2014 then $7.5m on a renovation.
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