Secure an exclusive piece of Brisbane’s office market
A stunning inner-city office investment in pole position (on the Brisbane River) in the sought after Brisbane business hub presents as a chance to secure an exclusive piece of the city’s strengthening office market.
The top floor of the modern three-storey building at Milton, just 2km west of the CBD, offers 575sqm of prime office space in a highly-desirable business hub.
But its calling card is a 336sqm covered outdoor terrace spanning the entire perimeter of the building, with sweeping city views.
The property at Lot 5/5 Gardner Close is to be sold at Burgess Rawson’s Investment Portfolio Auction in Melbourne on May 12.
Home to apprentice and trainee education operator MEGT, which has more than 60 locations nationally, the office is secured on a five-year lease to 2024, with attractive 3.5% annual rent increases.
It also features 10 secure, on-site parking spaces and returns a net annual income of $204,324 plus GST.
Burgess Rawson director Glenn Conridge, who is marketing the asset with Raoul Holderhead, said a lease to MEGT represented one of the best opportunities within the sector.
“They are funded by the government, so they’re very solid. They’re in all the major locations in Brisbane and nationally, and they’re an intrinsic part of the employment policies of the government,” Mr Conridge said.
“The strength of the covenant is there and they’ve been well-established in this premises since 2014, so they’ve got a strong history of being in this location and being well set up in that office space. We see them as long-term tenants.
Mr Conridge said few offices presented as handsomely as what was on offer in Milton.
“As it’s the top floor of the building, it has benefits in terms of offering views and aspects of the river and surrounds. With that outstanding wraparound terrace, you’d almost want to live there.”
“Milton was one of the first Brisbane suburbs to go through an urban revitalisation and it’s become a little business hub. There’s a lot of major company headquarters in the precinct close to this office, and it’s close to all of the sought-after eateries and restaurants along Park Road.”
Burgess Rawson’s 144th Investment Portfolio Auction will be held in the River Room at Melbourne’s Crown Casino from 10.30am AEST on Wednesday, May 12.