daVinci's Brisbane code

DAVINCI Funds Management is set to reap a profit of $21 million from the sale of two properties in Brisbane's CBD.

daVinci has sold 370 Queen Street, a seven level retail and commercial building for more than $19 million after purchasing it for $10.95 million three years ago.

The property is located within the central part of Brisbane‘s “Golden Triangle” and is within 150 metres of the GPO, and 250 metres of the Central Railway Station.

Another Queen St property is also under contract for sale. 155 Queen Street, the property is a mix of retail and commercial space located in Queen Street Mall.

The property is expected to fetch $38 million and was purchased four years ago for $23.7 million.

daVinci’s chief executive Peter Gribble said investors in daVinci’s current property funds have received an average total return of 24.1 % over three years, outperforming the Mercer index of 16.5% by almost 50%.

Gribble said the group has just released a new PDS for a wholesale/retail fund which will invest in Japanese commercial and retail property.

He also said the company plans to establish an Australian Property and Opportunity fund, targeting local assets that have development and/or repositioning potential.

Australian Property Journal