Aviator Capital lands first Brisbane buy

AVIATOR Capital has touched down in Brisbane, acquiring an Ashgrove commercial complex for $33.5 million.

As well as being its first acquisition in the capital city, it is also Aviator’s largest to date.

The 5,648sqm 240 Waterworks Road property comprises commercial and medical tenancies, with 45% ASX-listed and 69% in the medical sector, and a car park with 230 spaces.

It sold at a 7.38% yield and with a 5.6-year WALE, and counts Good Life Health Clubs, Metro Radiology, Ashgrove Family Practice, Ashgrove Serviced Offices, Bank of Queensland and Brazilian Beauty amongst its tenants.

Peter Court and Mike Walsh of CBRE negotiated the sale via expressions of interest on behalf of Trident Corporation.

Trident has undertaken an extensive capex and re-leasing program for the property through its ownership, with a focus on securing health and medical based tenants.

Walsh said the property’s attractive tenancy profile underpinned strong buyer interest from a combination of offshore, interstate and local groups, predominantly distribution focused syndication groups.

He said the result reinforced the value the market currently places on income security and long tenure.

Court said the deal marks the largest commercial deal by capital value to transact in Ashgrove.

He said the property benefits from a central position in an affluent population catchment, and had undergone significant capex works necessitated for the power requirements of Metro Radiology.

Australian Property Journal