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Ashe Morgan sell Fortitude Valley Heart car park for $64m

Invest / Direct Property Funds

Australia / Brisbane

Mar 02 2018

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The recent sale of the Chinatown carpark by a Trust managed by Sydney based property group Ashe Morgan in Brisbane’s Fortitude Valley for $64 million, ended an energetic 2017 for the group in Queensland which also saw the group purchase the Health and Forestry buildings in the Brisbane CBD for $66million. 

Ashe Morgan acquired the carpark as part of the Valley Heart Portfolio in 2015, along with the 14,000sq m T.C. Beirne building for $79 million. 

At the time, the two assets were physically and legally connected by an aerial pedestrian bridge which meant that the portfolio contained a range of retail, commercial and carpark uses.  This, combined with the level of vacancy (around 11,000sqm of tired commercial space) and the capex required, meant the property was able to be acquired on a very compelling basis.

Ashe Morgan removed the pedestrian air bridge allowing the properties to exist as independent assets.  The 450 bay carpark was upgraded and secure parking installed on a new 15 year lease.

Ashe Morgan still retain the T.C. Beirne building which is being progressively upgraded to continue to deliver strong ongoing investment income for the Trust. The ground floor retail of the T.C Beirne building is currently being refurbished by Hutchison builders to create a high quality, vibrant retail offering that supports the office tenants of the building and provides amenity for the local area and activates the central Valley precinct, streetscape and mall.

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