VennCap Real Estate acquired 164 Grey Street in July 2019 for $44.6M with a WALE of 6-years.
VennCap acquired the building with an appropriate rental guarantee from the vendor to cover the existing vacant tenancies. A well regarded local New Zealand developer had recently constructed the building. Soon after, an extensive repositioning program that included capital works went underway.
When speaking to Business News Australia, JLL’s senior director of capital markets Queensland, Luke Billiau, says the campaign for the Grey Street property generated significant interest from domestic investors.
“At just 2.1 per cent, South Bank has one of the lowest vacancy figures in any commercial precinct within Australia. This has driven a significant amount of interest from both domestic and offshore capital.”
VennCap Real Estate Director Tim McEnallay said “On behalf of our client, we are very pleased to have acquired 164 Grey Street. South Bank is a precinct over which we have maintained a watching brief. The location of 164 Grey Street coupled with the long WALE and tenancy profile were key attractions to us.”