A group of private investors associated with “Brisbane’s No1 Multi-Family Office” – Keystone Private have purchased 100 Wickham Street, Fortitude Valley from Fortius Funds Management for $50 million.
100 Wickham is a 14 level office building totalling 13,100m2 nla and has 100 car parks. The building is quite unique compared to its peers in the Valley & Newstead precinct as it has it’s own dedicated Energex Sub Station located in the basement that services the building. Adding to this with another 6 backup generators and positioned well above any previous Brisbane flood levels the building starts to look bullet proof to tenants seeking no disruption. The building was originally built by the State Government for their own use and thus is over specified with power, air conditioning & lifting.
K2 Private’s Director of Property – Stuart Moody negotiated the purchase on behalf of the new Owner with Jason Lynch from Colliers representing the Vendor – Moody said : “We are very pleased to secure this 5 Star Nabers, fully refurbished asset in QLD’s fastest growing commercial hub of Fortitude Valley. It is difficult to find a solid investment at the moment with yields driving south of 7% in a most asset classes. This asset has a strong passing return with nothing to spend which suits our Private family investors. By our numbers this purchase represents the lowest $ per m2 rate in the Valley for many years while at the same time producing a high rate of return. K2 private will manage the building going forward.