Core Property has reviewed the 55 Elizabeth Street (Brisbane) Fund, the latest fund established by the ASX-listed Elanor Investors Group (ASX: ENN).
The Fund closed oversubscribed and has acquired a 6-star NABERS rated office building with a secure lease to the Australian Government. The Property, 55 Elizabeth Street, Brisbane QLD, is a high quality, A-grade CBD office building that was purpose built in 2013 for the Australian Taxation Office (ATO). The ATO occupies 97% of the Property on a 15-year lease with the remaining 3% being leased to retail restaurants on the ground floor.
The Manager is forecasting an initial distribution yield of 10.1% p.a. for the remainder of FY24, supported by the secure government lease. The Manager is also targeting capital gains for investors over time.
Core Property has rated the Fund as RECOMMENDED.