The York office and retail building at Beenleigh sells to Australian Unity Investment Real Estate for $33.52m
A brand new mixed use development touted as a key commercial link between the Gold Coast and Brisbane has sold for $33.52m. FULL DETAILS>>
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A VAST mixed-use development touted as a key commercial link between the Gold Coast and Brisbane has sold for $33.52m.
In an announcement to the ASX, Australian Unity Investment Real Estate Limited said it had purchased The York seven-storey office building at Beenleigh, with the transaction due to settle in December.
The building’s key tenant will be Logan City Council, which has leased 4009 sqm of the 4661 sqm lettable space for 10 years with two five-year extension options.
The remaining space is allocated to retail and flexible office space with a two-year rental guarantee. The building is due for completion next month.
Logan council-owned investment company investLogan is developing the project with Gold Coast commercial builder Alder Developments.
InvestLogan chairman Steve Greenwood said The York was purpose-built to drive economic growth within Logan’s key business centres and the sale of the project signified the next stage in the evolution of Beenleigh.
“Since its inception, The York has been a hugely exciting project for our local community with 100 jobs created during its construction phase with a further 140 full-time jobs created upon its completion,” he said.
“This project provides a rare fusion of commercial, retail, and residential opportunities and will be instrumental in the revitalisation of the Beenleigh business community by creating a vibrant commercial precinct designed for local business to prosper.”
Alder Developments general manager Greg Tupicoff said the sale of The York cemented Beenleigh as a key commercial hub for the district.
“As an A-grade commercial tower, The York is the first of its kind for Beenleigh and will act as a signpost in the suburb’s growth as a prosperous and well-positioned business hub and commercial landmark between Brisbane and the Gold Coast,” he said.
“The very nature of this project’s unique design encourages business diversity and will in turn foster a thriving commercial landscape where the local economy will be encouraged to grow.”
The sale was negotiated by CBRE agents Jack Morrison and Peter Chapple who said with a
Government tenant secured for a long-term lease, The York provided a unique investment opportunity for Australian Unity.
“The York offers excellent income security, underpinned by a 10-year government lease over the entire office component of the asset, which was pre-committed to the project by the development JV,” Mr Morrison said.
This government endorsement of the location continues to move the Beenleigh precinct forward, driving foot traffic with more than 250 staff expected to work in the dedicated office space. A huge benefit to the retail tenants located within the project.”
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