Development potential seals the deal in $5.9m-plus Fortitude Valley office building sale

By Jared Doyle

An office building in Brisbane with development approval — plus further potential to expand upwards — has been sold for $5,926,925 by Ray White Commercial TradeCoast.

Gold Coast-based syndicate OzProp Capital is the purchaser of 100 Brunswick Street, which is located among some of Brisbane’s most significant development projects.

The deal was done by Jared Doyle, who took the property to market with colleague Jack Gwyn in an expressions-of-interest campaign which garnered three offers.

The contemporary two-storey building, which also has frontage to Amelia Street, stands on 1162sqm of land and has net lettable area of 1050sqm.

Mr Doyle says the property has been issued with full development approval for the construction of an extra 484sqm of floor space, which includes a new entry, lobby and lift.

“The approved design makes use of the existing concrete slab rooftop to easily and cost effectively deliver this additional lettable space without impacting the existing tenancies or car park,” he says.

The Australian College of Technology & Business and consulting company Premise occupy 100 Brunswick Street, which was sold on a 3.7-year weighted average lease expiry. The sale price represents an initial net yield of 7.35 per cent.

The property is in the vicinity of key inner-city development areas including the Herston Quarter health precinct project, the multi-billion-dollar Brisbane Showgrounds Regeneration Project and the Valley Metro complex redevelopment.

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