The property is located at the junction of Edward Street and Elizabeth street, within the main luxury retail precinct in the heart of Brisbane’s central business district. It has a total net lettable area of 2,030 square metres.
The acquisition of the property is in line with The Hour Glass’s strategy of owning properties at prime locations in selected cities. The purchase consideration was arrived at on a “willing buyer-willing seller” basis, based on THGA’s assessment of the property’s value having regard to its prime location.
The purchase consideration will be funded by internal resources and bank borrowings. A deposit of A$4.1 million was paid by THGA at the exchange of the SPA.
The balance of the purchase consideration is payable in full upon completion of the sale and purchase of the property pursuant to the SPA, which is expected to be effected in end of June 2022.
See also: Frasers Property in real estate JV with Morgan Stanley
Shares in The Hour Glass closed 2 cents higher or 0.84% up on Jun 1 at $2.39.
