QUT snaps up long term Cromwell properties office building in its Kevin Grove campus

Queensland University of Technology has added another building to its Kevin Grove Campus portfolio with an $84 million purchase.

QUT’s new office building at 88 Musk Ave, Kelvin Grove.

QUEENSLAND University of Technology has acquired an A-grade office building in the Kelvin Grove Urban Village.

QUT will pay $84 million for the seven-storey building at 88 Musk Ave in which it is the anchor tenant.

The property, which is in the QUT Kelvin Grove campus, was sold by Cromwell Property Group which acquired it in 2007 before it was completed.

In an ASX statement Cromwell chief executive Paul Weightman said Musk Ave had been a strong 10-year investment.

Settlement is due on April 6 and at its half-yearly Cromwell announced pro-forma gearing of 38.9 per cent exclusive of the contracted sale of the property.

CBRE’s Tom Phipps, Bruce Baker and Flint Davidson and Savills Peter Chapple and Anthony Ott marketed the property.

The property has 14,144sq m of net lettable area is leased to QUT, Boral Resources, and three ground floor retail tenants.

The building has a 5-Star Green Star Rating and a 5.5-Star NABERS Energy Rating.