Steve Waugh, Matthew Hayden and Adam Gilchrist were part of a group that sold Officeworks Oxley
A trio of cricketing superstars who invested in a new Officeworks 20 years ago have hit an investment six after selling the property.
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A syndicate including a trio of Australian cricket stars has divested a freestanding Officeworks tenanted showroom in Brisbane’s western corridor they had owned for 20 years.
A Taiwanese investor paid $9.5m for Officeworks Oxley at 2247 Ipswich Rd, following a national campaign through Stonebridge Property Group.
According to CoreLogic the property was owned by Skiers Delight Pty Ltd which purchased the site in 2004 for $1.32m.
A company search revealed test cricket greats Steve Waugh, Matthew Hayden and Adam Gilchrist had co-owned the building with Peter Scott and Neil Honan.
The national expressions of interest process conducted by Stonebridge’s Michael Collins, Tom Moreland, Kevin Tong and James Freemantle, generated 215 inquiries and eight formal offers.
Mr Tong, partner Asia Practice at Stonebridge Property Group said the property was sold to a first time Asian buyer.
“He was attracted to the blue-chip ASX listed tenant and their longstanding history of occupying this large and strategically located landholding,” he said.
The Officeworks is 10km west of the Brisbane CBD and is on a 2783 sqm site.
The Wesfarmers’ subsidiary has occupied the property for over 20 years and recently committed to a renewed seven-year year lease and there are options to 2051.
The sale realised a 5.38 per cent yield.
Mr Collins said it was a quality property.
“Being held by the same owners for 20 years proves that Large Format Retail assets leased to tenant groups such as Officeworks continue to demonstrate their resilience,” he said.
“Significant demand was experienced from buyers across the country and reinforces how highly sought after assets such as this are to high net worth private investors.”