Charter Hall Group (ASX: CHC) – Update on extension of assets with three buildings

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The company has recently announced that to purchase, a three-building amalgamated holding on Queen Street Mall known as No. 1 Brisbane, located in Brisbane’s CBD, for a net price of $93.96 million, it has exchanged contracts for this purchase. A fully let passing yield of 7.9% and a core cap rate of 7.45% is represented by the purchase price. Extending to a total lettable area of over 10,000 sqm the No.1 Brisbane comprises three adjoining retail/office buildings.

With three separate frontages, the buildings are located on three separate titles to Queen Street Mall, George Street and Burnett Lane, comprising 217 George Street, 60 Queen Street and 231 George Street. The first property comprises ground floor retail shops, 11 levels of office space with natural light to the three street frontages, the second property comprises prime ground, upper and lower ground retail space plus a further level 1 retail/office component. The third property comprises ground and lower ground retail and 10 upper levels of office space. ASX:CHC traded at a current market price of $6.690 as at July 27, 2018 before market close.

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