the-york-beenleigh-feature
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.”




You May Also Like

“Sydney setting the pace”: CBD office rents march higher

Cushman & Wakefield’s quarterly Office Marketbeat reveals 2.9% quarter-on-quarter uplift in Sydney

Canberra office market shows impressive resilience and growth

The market is underpinned by low vacancy, large developments in the pipeline and strong rental growth

Accenture and Lendlease to expand data insights platform

The platform which uses AI and virtual reality will be expanded to increase digital and in-store visits.

Demand for life science assets on the rise in Australia

Australians are getting older and this is contributing to the increase in demand for life science assets across Australia

Experts Corner by The Property Tribune

Ko & NPA partner to launch several co-owned luxury properties at Mermaid Beach, Gold Coast

Ko's partnership with NPA Projects provides more opportunities to co-own off-the-plan holiday residences, including exclusive Gold Coast properties

Continue reading

Top Articles

Perth property market: The definitive guide to buying a modular home

Modular homes, misunderstood as inferior, offer efficient, durable alternatives to traditional construction methods.

The 50 square metre solution getting people into their first homes and delivering an answer to ...

Small, modular homes could be a key part of the broader solution to Western Australia's current housing challenges.

The hardest time ever to buy a house in Australia: How Australian home buying got ...

We're currently in a buyer's market, but that doesn't mean Australian house prices are crashing.