Fund snares green government tenanted Gladstone office asset
BRISBANE based property fund manager Natgen has expanded its regional portfolio, buying a government tenanted office building near the heart of the Gladstone CBD. They paid $9.28m for the building at 20-22 Herbert St (pictured) through their latest unlisted property trust fund, Natgen Investment Trust GL22. The building houses five Queensland government departments and has a total tenancy area of 2026sq m, with a weighted average lease expiry of about six years.
Natgen managing director & responsible manager Steven Goakes said the building being in a “dynamic region”, together with the predominantly government tenants, made it an attractive asset.
“The industrial strength of the region and large scale investment in renewables place this asset well within the Natgen portfolio,” he said. “Also, the 5-star NABERS energy efficiency rating of the building is central to its continuing attractiveness for government tenants.” Natgen Investment Trust GL22 closed fully subscribed. It offers investors an initial distribution of 7.52 per cent a year over a five to six-year term.