Beenleigh, a suburb in Logan, Queensland, has welcomed its first A-grade commercial tower known as The York. This $40 million development on 96-98 York Street was recently acquired by Australian Unity Office Fund (ASX: AOF) in partnership with investLogan and Alder Developments.
The York stands as a mixed-use property, offering office spaces for Logan City Council along with retail and residential components. The project, spearheaded by investLogan Chair Steve Greenwood, not only contributed to employment with 100 jobs during construction but also promises 140 full-time positions post-completion in mid-2021.
Logan’s economic landscape has been on the rise, evident in the autonomous drone delivery trials conducted by Google across Logan suburbs in 2019 and 2020, with Beenleigh being one of the locations involved.
Facilitating the acquisition of The York, CBRE’s Jack Morrison and Peter Chapple negotiated its sale to Australian Unity for $33.52 million. Morrison highlighted the income security offered by The York, underpinned by a 10-year government lease covering the entire office segment of the tower.
While most of The York’s office spaces are leased out, some non-office areas, known as SoHo (small office or home office), remain available. These spaces cater to small businesses or retail on the ground floor and studio apartments on the first floor.
The property boasts a net lettable area of 4,660 square meters spread across seven levels, with Australian Unity reporting a capitalization rate of 5.75%. Nikki Panagopoulos, AOF Fund Manager, emphasized the long-term income certainty and sustainable initiatives offered by this new commercial facility.
The development of The York signifies a significant milestone for Beenleigh, enhancing the local community and commercial property landscape in Logan, Queensland. As the area continues to evolve economically and technologically, projects like The York play a crucial role in shaping the region’s future growth and development.
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