Clarence Property is excited to announce the purchase of 120 Edward Street, an A-Grade office tower in the heart of the Brisbane CBD for $119 million.
The 18-storey office tower was bought by our flagship Clarence Property Diversified Fund, from international real estate manager DWS, on a passing yield of 8.46% and is 98% leased.
We see 120 Edward St as a strategic counter-cyclical play in a market we know well and believe is well placed for the future.
Ben Somerville, our Head of Transactions, worked with CBRE Queensland Senior Managing Director, Bruce Baker, and Queensland State Director, Peter Chapple to broker the deal with DWS.
As the Fund approaches its 30th year of uninterrupted monthly distributions, we’re pleased to add 120 Edward St to the portfolio.
