Cromwell, an SJE Group investment, has exchanged contracts to acquire 400 George Street in Brisbane, Australia.
The acquisition, in the prestigious North Quarter precinct, comes as Brisbane’s commercial property market continues to improve with vacancy declining to 11.9%.
400 George Street is a 35-level building constructed in 2009 with a total net lettable area of 43,978 sqm spread across office, retail and childcare. A 4.9-year WALE and 99.8% occupancy rate are underpinned by blue-chip corporate and state and commonwealth government tenants.
The retail precinct, ‘400Food’, offers fast food, café and fine dining options across the ground floor and podium level. Parking is available for 223 vehicles across four basement levels, alongside an end-of-trip facility which provides showers, lockers and bike racks.
The building’s sustainability credentials are reflected in 5.5 Star NABERS Energy, 4.0 Star NABERS Water and 5.0 Star NABERS Indoor Environment Ratings as well as a 5.0 Star Green Star As-Built Rating. The transaction is subject to Foreign Investment Review Board (FIRB) approval and is expected to settle next month.
The SJE Group congratulates Cromwell’s Chief Executive Officer, Paul Weightman and the rest of the team for their ongoing strategic procurements.