Quanta bags another Mackay investment
Quanta Investment Funds has snapped up its second Mackay investment this financial year.
The two storey office, Tennyson House, at 9 Tennyson Street, is setting the group back $6.625 million – an 8.3 per cent return based on the rental return when the asset was listed mid-last year.
Developed in 2008 and recently renovated, it contains 1778 sqm, fully leased to Caterpillar, also known as Cat, Pentacon and the state government’s Department of Child Safety.
The weighted average lease expiry is 4.7 years.
Also with 40 car parks and end of trip facilities, the asset carries a 5-star NABERs rating.
The deal comes four months since Quanta bought neighbouring industrial investments in Mackay’s Paget from another Brisbane based fund manager, Arcana, for $16.7m.
Tennyson House changes hands
Fergus Builders sold Tennyson House; it paid $785,000 for the 2008 sqm General Industry zoned site which made way for the office in 2007 (story continues below).
The renovation is reported to have cost $2m.
Knight Frank’s Paul Dury was the agent.
Quanta is expected to bump up rents which are as much as 34pc below market rate.
The price it is paying is also about 30pc discount to replacement cost, chief executive officer, Stacey Jones, who established QIF in 2022, added.
“The national office market is showing positive momentum and we are forecasting further improvements in demand and rental growth as we move into FY25,” she said.
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