37 & 41 O’Connell Terrace, Bowen Hills

Property Summary as at Sale Date

Ownership
100%
Acquisition date
June 2014
Sale date
October 2016
Site Area
4,114 m2 (Building and Carpark)
Total area (NLA)
7,641 m2 (Building and Carpark)
Occupancy
93.1%
WALE (income)
9.5 years
Major Tenants
Queensland Health, BCC
Sale Price
$52 Million

Closely located to both the Clem 7 tunnel access and the Royal Brisbane Hospital, CBIC acquired 41 O’Connell Terrace Bowen Hills in June 2014. The Legacy Way Tunnel Control Centre precommitted to 2,236 square metres on ground and level 3 on a long term lease and CBIC leased the balance of the vacant space to a variety of tenants, including Department of Health and Leaf Building Group.

The seven level building, encompassing a total net lettable area of 7,641 sqm, was constructed to a 5 star Greenstar as-built accreditation, reflecting CBIC’s long term commitment to environmentally sustainable investment.

In late 2014, CBIC constructed a public carpark on a site it acquired on the corner of Sneyd Street opposite 41 O’Connell Terrace.

The carpark enjoys high occupancy rates, which provided an additional income stream for CBIC and additional amenity to the area.

After maximising the investment returns from the asset, CBIC sold the building in late 2016 to a private investor as a long term investment. The property was sold with a rental guarantee over the vacant area in the building.