Daiken buys South Brisbane office from Forza for A$81m

Daiken Investment Australia, a subsidiary of Taiwanese digital health company Daiken Biomedical, has acquired 10 Browning St. in South Brisbane from Forza Capital for A$81 million (US$55.93 million), IREI reported, citing IPE Real Assets. It is the buyer's first property investment in Australia.

The fully leased class A office building comprises roughly 120,352 square feet on a 49,127-square-foot site. The A$81 million price works out to about A$673 a square foot.

The seller, the Forza Browning Street Fund, acquired the property in 2016 for A$65.5 million (US$45.23 million), and Forza Capital said the investment generated an average annual cash flow return of 8% for investors. The A$81 million sale price represents a 23.7% increase over roughly ten years.

Daiken said the acquisition reflects a strategy of investing in Southeast Queensland ahead of the 2032 Brisbane Olympic Games, IREI reported. Colliers represented Daiken and MP Commercial represented Forza Capital, and the property drew interest from domestic and international investors including institutional groups, syndicators and private investors.