238 Homestead Drive, Flagstone Sales Office, Flagstone QLD

This asset comprised a recently constructed, two level commercial building, which sold with a 10 year leaseback to to PEET Flagstone City Pty Ltd. The property is situated in the masterplanned Flagstone City development. The asset was hotly contested due to the strong underlying growth fundamentals, including over 50,000 homes forecast to be delivered within the next 30 years, and a local employment increase to over 10,000 people.

The property was a corner parcel of 1,923m2* situated next to a future Coles supermarket and tavern, at the entrance to the future Flagstone city centre considered one of the primary sites within the estate.

The marketing campaign received 83 enquiries and 14 formal offers from local and interstate private investors and small syndicates. The successful party was a private investor from NSW who acquired the asset on an unconditional contract for $1,605,000 reflecting a 6.90% yield.

We are continuing to witness interstate investors taregting the Sunshine state with the view that South East Queensland, in particular, continues to offer.

* Approx