Clarence Property has acquired a commercial and retail building at 9 Hercules Street, Hamilton for $12 million to further boost their Westlawn Property Trust portfolio.
The 2,175-sqm commercial precinct is fully tenanted and currently houses Corporate Development Mentors, Exercise Sports Science Australia, Medi Pro Capital Finance, and Vystal Property Group.
The commercial precinct already has an approved unit development which provides the property investment fund manager flexibility should they decide to further develop the site in the future.
According to Clarence Property managing director Peter Fahey, the Hercules Street property offered solid returns considering the fact that Brisbane city and the fringe market remains highly competitive in the sub $15 million range.
The property is ideally located near the billion-dollar Portside Wharf which is considered as one of Brisbane’s most active retail precincts.
This has been the fourth acquisition for the Clarence Property trust over the past 12 months bringing their total investment to $46.5 million. Other successful acquisitions include the purchase of 201 Leichhardt Street Spring Hill for $14.272 million, 48 Bell-Aire Avenue Northgate for $8.475 million, and 183 Varsity Pde Varsity Lakes for $11.8 million.
