BRISBANE AIRPORT CORPORATION BUYS DA VINCI OFFICE BUILDING

BNE Property, the Property Division of Brisbane Airport Corporation, has purchased the Da Vinci commercial office building on the cnr of Lomandra Drive and Boronia Road, for $12.2 million at a yield of in excess of 12 per cent.

General Manager BNE Property, Renaye Peters, said the acquisition of the Da Vinci office building increases BNE Property’s commercial asset allocation and builds on an extensive property portfolio valued at more than $850 million at Brisbane Airport.

“The purchase highlights the confidence we have in Brisbane Airport as a commercial hub and the Da Vinci office building brings strong covenants in a premium-quality office building,” Ms Peters said.

“The Da Vinci office building is also well positioned to attract tenants in diverse business types that can take advantage of the linkages to major highways and freight hubs.

“We believe with the right vision and planning, Brisbane Airport is well positioned to become a self-sustaining commercial centre for business, retail and leisure that will continue to contribute to support the growth of the city and the state.”

The 2012 Property Development Master Plan highlighted the growth and diversity anticipated at Brisbane Airport.

“Brisbane Airport property presents a unique investment opportunity because of its connectivity to the city, the state and internationally, and is already home to more than 420 businesses and 20,000 workers,” Ms Peters said.

“This is a very exciting time for property at Brisbane Airport following the completion of Five Lobelia Circle, the first commercial building in the International Terminal precinct, commencement of construction of DHL’s new air freight facility and the naming of the iseek Communications Data Centre development as ‘Queensland Development of the Year’ by the Property Council of Australia.”