“This building has a total of 4.338 sq m of large floor plate office space, which in the Brisbane CBD fringe is an increasingly rare find,” Engage Capital director Ben Grootemaat said.
“Combine that with a solid tenant base, which includes global food and agricultural producer LDC Enterprises and Nova 106.9 (DMG), which occupies the top floor and has a 15-year lease with options, and it is a very attractive opportunity.
“We believe the asset has strong growth potential given its proximity to key transport links, such as Teneriffe’s new CityCat terminal and City Glider services, which hold enormous appeal for prospective tenants.”
The deal was the result of a joint negotiation by Greg Harris of Savills and Gareth Closter of Chesterton.
“I think many investors are still quite bullish when it comes to the potential of the Brisbane market post GFC (global financial crisis), but it is a combination of locating the right property and the right financing options that is time consuming,” syndicate member Cyril Jinks said.
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