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Hot on the heels of the sale of 133 Mary Street at $96.5 million, nearby 201 Charlotte Street, Brisbane has changed hands at $126.7 million.
The property was placed on the market in March through Knight Frank and CBRE Brisbane. The vendors were Fortius Funds Management, a privately owned Australian investment management group which was established in 1991 by Ray Sproats and Blackrock Investment Management (Australia), the Australian subsidiary of BlackRock Inc.
The purchaser is the Kyko Group. Kyko is a Sydney based property group that operates primarily in the commercial, residential and hospitality sectors. Kyko was founded in 1989 and its diverse property portfolio includes the iconic Mon Komo Hotel in Queensland, commercial office space in the Sydney CBD and a vineyard in the Hunter Valley.
201 Charlotte Street, according to Brisbane Cityscope, is a 16-storey building with ground floor retail space and two levels of basement car parking for 149 vehicles. It was built in 1983 and recently underwent a $5 million plus refurbishment. Its major tenants include Anglo American Mettalurgical Coal, Queensland Education Leadership Institute and Leanne Bowie Lawyers. The building is 87% occupied and was advertised with fully leased net income of $8,514,548 pa.
This sale, at $126.7 million, represented an initial yield of 5.94% on a passing income of $7,525,980. It previously traded at $81.5 million in December 2015.