Varsity Investment Fund
Varsity One
1 Lake Orr Drive, Varsity Lakes QLD
Varsity One is an A-grade commercial office building with a total net lettable area of 6,114sqm and 197 car-parking spaces on a 7,916sqm site located at 1 Lake Orr Drive, Varsity Lakes, Queensland. The Property was built in 2008 and offers a range of accommodation options across 5 levels, in addition to providing views across Lake Orr, and in close proximity to Bond University. The property is currently leased to a range of professional services firms as well as a number of medical and health related organisations.
The property is currently 88.1% occupied (by area) and has a WALE of 2.5yrs.
The acquisition of Varsity One represented an opportunity to acquire off-market a well-located, A-grade office building, providing exposure to the strongly performing Gold Coast office market. The acquisition price provided Investors with strong risk-adjusted returns with the potential to add-value through active management and tenant re-mixing.
| Fund Status | Fund Open |
| Acquisition Price | $24.75m (March 2019) |
| Equity Raised | $14.25m |
| Current Distribution Yield (% p.a.) | 10.5% p.a. (paid quarterly) |
| Key Tenants | Classic Holidays, Telstra, South Coast Radiology |
