Leading property advisory firm Broadway Property has successfully managed the transactions of both Darwin Corporate Park and 1 Miles Platting Road located in Brisbane Technology Park.
Darwin Corporate Park, a mixed-use commercial precinct, fetched $78.5 million reflecting an initial yield of 5.74 per cent, while 1 Miles Platting Road sold for $19.7 million reflecting a net yield of 7.10 per cent.
Both assets were purchased by South Australian syndicate Southern Cross Equity in off-market transactions.
Broadway Property co-owner Ryan Stewart says Darwin Park is a 5.5 star NABERS-rated A Grade quality business park, representing 13,700 m2 of net lettable area with an additional 7,800 m2 of development land.
“The quality of this asset, along with the strength of the local Darwin economy enabled Broadway Property to manage the transaction off-market, ahead of any major international marketing campaigns,” Mr Stewart says.
“The asset is positioned in a strategic central location for many businesses, many of which are benefiting from the current infrastructure and industry economic boom in Darwin and includes key tenants such as the Northern Territory Government, Territory Generation, Westpac and Defence Housing Authority.”
In further good news for the precinct, bet 365 recently committed to a new lease of approximately 3,500 m2 within the business park, nearly tripling its current tenancy area, creating a global call centre. The purpose-built building is due for completion in October 2022.
Broadway Property acted as Transaction Managers on behalf of the Vendors of Darwin Corporate Park and appointed Guy Bennet and Peter McVann of Knight Frank as sales agents.
1 Miles Platting Road is located just 15 km southeast of the Brisbane CBD, comprising of 2,808 m2 of PCA A Grade accommodation.
Mr Stewart says the asset boasts tenants such as Finance Brokers of Australia, Mazda and Kings Transport.
“It was Fantastic to secure an A Grade modern office building underpinned by national and international tenants off market in a deal that represented excellent value for our client in an undersupplied market,” Mr Stewart says.
Broadway Property and Heath Bedford of HRB & Co acted as Buyer’s Agents on Behalf of Southern Cross Equity with Matt Barker and Blake Goddard of Knight Frank representing the Vendors in an off-market transaction.
Broadway Property is a full-service Australian Property advisory firm providing independent and strategic property advice to buyers, sellers, owners, investors and tenants. Broadway Property has been involved in Transactions totalling $200 million across Transaction Management, Acquisitions, Tenant Representation and Development Management in FY22.