Golder Associates sells five office properties for nearly $20 million in total

Five office buildings have been sold by Golder Associates across three states, securing almost $20 million, in an effort to take advantage of a "hot commercial market" and to sell non-core assets.

The employee-owned company provides independent consulting, design and construction services.

The buildings, in New South Wales, Queensland and South Australia have seen Golder Associates lease back their premises, achieving 9.2% yields.

Colliers International portfolio coordinator, Rob Joyes, said that the Austerra Holdings Portfolio, which was sold on behalf of Golder Associates, was handled by a number of selling agents including Jock Murray, Ian Thomas, Chris Veitch, Jay Beattie and Nick Dowling.

The 212-216 Draper Street, Cairns, two-level office building sold for $1,425,000. It had an NLA of approximately 590 square metres and attained a 9.1% yield.

In Maroochydore, Queensland, 55 Kingsford Smith Parade, a two-level office and laboratory building, sold for $1.75 million. It was on a 9.25% yield, and included NLA of approximately 540 square metres on a 728 square metre site.

Toowoong, Queensland, 611 Coronation Drive included a freestanding two-level office building that sold, with vacant possession, for $5.1 million. It had a total NLA of 1,779 square metres and included 37 car parking bays.

A refurbished three-level office building at 124 Pacific Highway, St Leonards (pictured above) in New South Wales secured $9.6 million and a 9.2% yield. It had an NLA of approximately 2,124 square metres and total land of 1,232 square metres.

Their last offering, a South Australian office, warehouse and laboratory on 199 Franklin Street, Adelaide, sold for $1,825,000 with vacant possession.

“A number of major corporates are selling their real estate to put the money back into their operating business and we think this trend is going to continue,” said Joyes, of what he considers to be a trend of owner-occupier commercial sellers.

“One of the great benefits of a sale and leaseback transaction is the ability for the owner-occupier to increase their financial flexibility,” he said.