The government-leased property at 34-36 Patrick St, Dalby, that sold for $4.65m. Chris Herde A Sydney-based group has swooped on a purpose-built federal government-leased building in a western Darling Downs township.

First Foundations Australia paid $4.65m for the property at 34-36 Patrick St, Dalby, leased by Centrelink, which has a three-year term to 2026, with an option to extend to 2029.

First Foundations Australia’s Kieran Johnson said they were attracted by the blue-chip lease covenant, combined with the strong regional location which Dalby offers, being only 2.5 hours from Brisbane CBD.

“The fact the property is positioned directly opposite a modern full-line Coles supermarket is a further attribute, which anchors this investment,’ he said.

Centrelink has occupied the 1879sqm building since it was built more than 14 years ago.

Burgess Rawson’s Darren Beehag and Kieran Bourke brokered the private treaty deal for the vendors, who included the original NSWbased developer and a group of investors in a syndicate who wanted it wound up.

The sale realised a yield of 10.4 per cent.

Mr Beehag said the transaction highlighted the growing demand for secure government-tenanted investments in regional areas.

We had 122 inquiries and four offers in and around what the owners wanted for it,’ Mr Beehag said.

The Courier-Mail – Chris Herde