Australian Unity Investments (AUI) has purchased a two level warehouse and office building at 15 Telford Place, Arundel, in Queensland, for $7.1 million for its Property Income Fund (PIF). AUI's PIF invests is a portfolio of direct property, unlisted and listed property securities and cash.
The property is a 2,738 metres² warehouse and office building and also contains a telecommunications tower and related technical equipment. The property is fully leased to Vodafone until 2015 and is situated in the high-traffic, established mixed use area of the northern end of the Gold Coast.
The sale was negotiated by Mr Stephen Dove of Chesterton International.
Mr Martin Hession, AUI's head of property, said that the South Queensland region's commercial and industrial property market is performing at record levels, with very low vacancy rates.
"Industrial property has been in strong demand, with well-positioned, established locations such as Arundel having limited capacity for new development. "The area is an industrial and commercial centre for the region and this property has good road access to the Gold Coast and Brisbane. "The property gives PIF additional diversity, in terms of geography, sector, and tenancy. It is the third acquisition for the Fund since the start of the year.
"The current environment means there will be good buying opportunities coming onto the market and we will continue to actively seek these out," Mr Hession said.
Australian Unity Investments is the funds management arm of financial services, health and retirement living services provider Australian Unity. It has over $6 billion in funds under management. Its approach to product development is to use its established in-house expertise in property and mortgages while also forming joint ventures and strategic alliances with other organisations with specialist expertise.
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For more information please contact:
Martin Hession
Ph 03 8682 4408
E mhession@australianunity.com.au