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The Courier Mail

Office portfolio expands

Brisbane property fund manager Natgen has expanded its Queensland office portfolio to Cairns and the Gold Coast following the settlement of $14.25m worth of buildings for its latest property trust.

The Natgen Investment Trust QC24 paid $5.25m for the two-storey Common- wealth Bank anchored CBD office and retail building at 76 Lake St, Cairns, in a deal struck by CBRE’s Danny Betros. According to CoreLogic the property last changed hands four years ago for $4.2m.

The trust also settled on the $9m purchase of the three-storey multi-tenanted office building, Alder Place, at 116 Signato Dr, Helensvale, after a campaign by CBRE’s Jack Morrison, Adelaide O’Brien and John Nucifora.

The nine-year-old building was owned and occupied by Gold Coast construction and development company Alder.

Natgen will actively manage the trust for an anticipated five to six years, targeting a distribution of 9.02 per cent in the first year of operation, rising to 9.16 per cent in year two, paid monthly.

“Natgen’s acquisition strategy for this trust is to buy office assets in prime locations in regional cities of Queensland,” said Natgen managing director Steven Goakes.

“Office stock in strong regional locations has shown greater resilience during the post-Covid period.

“While much has been made of the resetting of capital city CBD office assets world- wide due to a purported long- term mass exodus of workforces to alternative work settings, regional offices do not suffer from the same negatives.”

The Cairns building has been home to the Commonwealth Bank’s regional flag-ship branch since its construction in 1991, with a total land area of 1012sqm, total tenancy area of 1421sqm and weighted average lease expiry of three years.

Alder Place has a total tenancy area of 1478sq m, total land area of 2000sq m and a weighted average lease expiry of 5.63 years.

Mr Goakes said both properties were in localities with high long-term population and economic growth, high traffic areas and a diversity of tenancies.

Chris Herde,  Journalist

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