James Fielding Funds Management has sold the Toowong Corporate Centre for $23 million, before costs.
The asset has been sold to Stockland Trust at a yield of approximately 7%.
The sale price reflects a 39% increase over the current book value at March 31, 2006.
JFFM’s wholesale funds general manager Grant Hodgetts said the sale price reflects the strong appetite for investment properties in the Brisbane CBD fringe as investors seek to increase their exposure to Queensland.
“The sale is consistent with James Fielding’s active asset management style of maximising value to unitholders including early termination of funds and exits from investments in the right circumstances,” he added.
The asset was held in the Toowong Corporate Centre Trust and Syndicate. In December 2005, unitholders approved the sale of the Toowong Corporate Centre and the wind up of the trust which was due to terminate in August 2008.
JFFM was appointed by unitholders as the responsible entity of the Trust on December 09, 2002, after Landmark Property Syndicates Limited was removed by ASIC.
Landmark originally purchased the property in 2001 for $15.8 million.
The sale was negotiated by Ken Lucht and Bruce Baker of Colliers International and Anthony Ott of PRD Nationwide.
By Nelson Yap
