Murarrie Private Property Trust
Initially purchased in December 2012 for $13,600,000, Fawkner Property was able to execute a contract in October 2019 for $16,300,000.
Following a vacancy from RACQ in a struggling period of the Queensland leasing market due to an over-supply of office space, the Fawkner Leasing team left no stone unturned when they began to source a new tenant, even pursuing a strategy to locate casual tenants to lease the car park or part of the building on a casual basis. The leasing team also looked to other capital cities to source tenants that were considering a move to Brisbane as a means of expansion or relocation. A great benefit derived from the vacation of RACQ was the negotiated $425,000 de-fit payment to Fawkner to re-fit the space for a new tenant. This also provided some cash into the trust to be used for renovations.
In 2019, Fawkner Property was able to secure an international tenant of Tritium. Tritium tenanted the premises on a 5-year term at above market rental and an incentive half of the market expectation. The site now operates as Tritium's Global Head Office after Tritium spent $2.5 million of their own money to refurbish the building into a Research and Development office with a state-of-the-art showroom.
The Trust received 8 offers to purchase that were all rejected as they did not provide a contract or a price that would satisfy the expectations of the unitholders. A reasonable deal was found with Alceon and allowing the trust to be wound up.