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The Civil Aviation Safety Authority (CASA) national headquarters at the Brisbane Airport has been bought by The Patella Group for $23 million, following a hotly contested sales campaign.
Located in the Skygate precinct and surrounded by retail and food options including DFO, Dan Murphy's and Woolworths, the building is still fully leased to CASA for another 2.5 years with a further five-year option.
CASA's headquarters, a 4,675sqm building, was developed in 2007 and includes four levels of office space, a ground level foyer, and one level of basement parking.
Colliers International negotiated the off-market sale on behalf of Garda Diversified Property Fund.
National director of capital markets at Colliers International, Tom Barr, says a number of buyers were attracted to the ideal location of the building.
"We received strong interest in the property from emerging institutions, privates, and syndicators at levels in line with expectation given the leasehold nature," says Barr.
"Buyers were attracted to high tenant retention probability due to the "stickiness" of the tenant to the location and building."
The sale marks the second CASA office bought by the Patella Group in as many years, after it acquired the Aviation House in Canberra from Mirvac for $68 million in May 2016.
Brisbane Airport Corporation (BAC) continues to develop the area surrounding the airport as $3.8 billion in projects are planned over the next decade.
BAC plans to build a new parallel runway, carparks, access facilities, terminal expansions, and aeronautical facilities over the next ten years.
"The rapid growth of the Brisbane Airport precinct underpinned by nearly $4 billion of planned infrastructure investment over the next decade, was also very appealing to buyers," says Barr.
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