A rendering of the completed The York, Beenleigh, project,. Image – Supplied.
  • The precinct is a $40 million development
  • 96-98 York Street was sold to AOF
  • Logan City Council has already signed a 10 year lease for the office spaces

A Beenleigh development was recently acquired by Australian Unity Office Fund (ASX: AOF). The $40 million development was created by investLogan, in partnership with Alder Developments, and is located on 96-98 York Street.

Created as a mixed-use property, The York will serve as the offices of Logan City Council and includes retail and residential.

HighRes3_DP020-December 2019 Render (3)
Image – Supplied.

investLogan Chair Steve Greenwood said the project created 100 jobs during the construction phase, and 140 further full-time positions upon completion in mid-2021.

The development comes as Logan activity takes off, in 2019 and 2020, Google ran autonomous drone delivery trials across the suburbs of Logan, Beenleigh was one of them.

HighRes4_DP020-January 2020 Render (1)
Image – Supplied.

Negotiated by CBRE’s Jack Morrison and Peter Chapple, the sale of The York to Australian Unity was made at $33.52 million, Mr Morrison said “The York offers excellent income security.”

While the development has been touted as a boon for the local community, it may be tough to even get a spot there as the property is already underpinned by a 10-year government lease over the entire office component of the building.

96-98 york street the york beenleigh queensland brisbance office building
Image – Suppliede.

Some non-office spaces remain, what the developers called SoHo – small office or home office – where the ground floor provides for a small business or retail, and the first floor can be used as a studio apartment.

The property has a net lettable area of 4,660 square metres over seven levels, and the capitalisation rate was reported by Australian Unity as 5.75%. AOF Fund Manager, Nikki Panagopoulos, said the new facility “provides long term income certainty with minimal capital expenditure requirements and sustainable initiatives.”

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