CorVal Mt Gravatt Trust
96 Mount Gravatt-Capalaba Road, Upper Mount Gravatt QLD 4122
Property Information
| Property | 96 Mount Gravatt-Capalaba Road, Upper Mount Gravatt QLD 4122 |
| Commencement | March 2012 |
| Purchase Price | $15.5m |
| Sale Price | $25.5m |
| Equity IRR (post fees) | 18% |
| Equity Multiple | 2.0x |
B-grade office asset with solid fundamentals and value-add opportunity.
The CorVal Mt Gravatt Trust is an unlisted property trust established to acquire a five level B-grade office building in Upper Mount Gravatt, Brisbane’s largest suburban office market.
On acquisition the Property provided 7,464 sqm of net lettable area over five levels plus 178 basement car parking bays. A further 30 car bays were constructed at the rear of the property.
The Trust strategy focused on a targetted capital expenditure campagin which improved the NABERS rating from 1.5 stars to 4.5 stars. In conjunction, tenant lease extensions and rental increases were coordinating, improving the WALE and net property income before the property was sold in January 2017.