- Global R&D HQ for Tritium in Brisbane
- Ascot purchased the Brisbane site for $27,672,000
- The site had been purchased $16.3m in 2019
- Sale was negotiated by CBRE
48 Miller Street, Murrarie – currently the global Research and Development headquarters of electric vehicle charging station provider Tritium – was purchased off-market by Perth-based Ascot Capital.
The $27,672,000 sale follows Ascot’s ongoing portfolio expansion in Queensland, with the group having purchased the South Regional Business Centre in Yeerongpilly, currently used by the Brisbane City Council, for $35.25 million.
Tritium is a Brisbane-founded group that is currently a global leader in DC fast charging technology for electric vehicles.
The site is located on an 8,184 sqm corner site with a net lettable area of 3,929 sqm which includes 117 car bays.
Previously, the site had been purchased by the Fawkner Property Group for $16.3 in November 2019 before being acquired by Alecon. Since Alecon acquired the property, the lease had been extended by eight years and the building has been expanded by 1,043, reflecting Tritium’s growth.
CBRE’s Jack Morrison and Peter Chapple and negotiated the deal.
“Investment grade properties such as 48 Miller Street which offer strong lease terms, continue to be keenly sought after, as investment funds and syndicates seek out assets that provide dependable returns to their investor base,” Mr Morrison said.
“The demand for quality investment product far outweighs supply, creating a competitive environment for assets offering income security.”
The acquisition price reflects an initial yield of 6.43 per cent based on the eight-year lease with Tritium.
Alecon Director Todd Pepper on reflection is pleased with the strong relationship they had with Trituim.
“Tritium is an incredibly exciting Australian business and Alceon was pleased to partner with them to deliver the Murarrie expansion, positioning the facility to house Tritium’s operations for the long term as the group continues to grow its global footprint. We are also extremely proud of the result we’ve been able to deliver for our investors” he said.