$7.1m Spring Hill Church Splurge

The Presbyterian Church of Queensland has purchased Brisbane Australian Institute of Management's former Spring Hill head office for $7.10million.

The property at 369 Boundary Street occupies on a 1,456sqm LMR3 zoned site in the heart of Spring Hill, within walking distance to the CBD. Recently having undergone an extensive refurbishment, the property is a high quality corporate office with 1,837sqm of NLA. The sale equated to $3,865sqm of NLA and $4,876sqm on land area.

In September AIM Brisbane announced the relocation of the AIM Campus to 40 Creek Street, Brisbane. AIM’s strategy is to be located ‘where the action is’ so that we can reach as many managers and leaders as possible. It is with this in mind that we have decided to relocate to the heart of Brisbane City Centre.

The transaction was managed by by JLL's Christian Sandstrom and Sam Byrne.

Mr Sandstrom said the sale was evidence that the owner-occupier market was still very much alive and well in Brisbane, given the strong interest in the property from a range of potential buyers.

AIM's previous Spring Hill headquarters.

“The purchaser had owner-occupied a smaller property in Amelia Street in Fortitude Valley since the late 1980’s, however were seeking larger premises to accommodate expansion,” he said.

“Spring Hill has been host to other owner occupier sales including 41 Raff Street for $4.08 million to a language college, and 400 Boundary Street Spring Hill, to the Seventh Day Adventist Church for $9.35million. The area has seen a substantial rise in interest due to the release of the draft Spring Hill Plan and the substantial refurbishment of the former Queensland Main Roads building which has been transformed into The Johnson Art Series Hotel, due to open this month.”

Located just five minutes from the heart of Brisbane's CBD, AIM Management House offers seven fully equipped meeting and function rooms, perfect for corporate presentations, product launches, focus groups, interviews, workshops and training. Spacious, well lit and professionally appointed with state-of-the-art audiovisual equipment, the Brisbane AIM venue can seat between 20 to 170 delegates.

“The buyer was attracted to the property’s quality, large training rooms, ample car parking and likelihood for strong capital growth. Whilst the site is zoned LMR3 with allowable buildings heights up to 3 storeys, under the draft Spring Hill neighbourhood plan the property is earmarked for a greater development outcome up to 10 storeys (STCA).”

He said the property generated strong interest from local, interstate and off-shore buyers throughout the 4-week Offers to Purchase campaign. Given the flexibility of the offering, significant interest was received from developers, investors as well as owner occupiers.