Developers, Investors Eye Brisbane Office-Retail Building

A fully leased 1333sq m office and retail building on the edge of Brisbane’s CBD at 215 Wharf Street, 500m from Brisbane’s golden triangle, has gone to market with a price tag of $8.5 million.

The three-level building, once home to the St Pauls Tavern, produces an annual net income of $444,959 plus GST, with a three-year WALE as of June 2021.

Brisbane foodies will be familiar with one of the tenancies—renowned French chef Thierry Galichet ’s restaurant, La Cache a’ Vin. Other tenancies include a range of office-based firms as well as an Asian supermarket.

The campaign is being run by Ray White Special Projects’ Andrew Burke and Morrison Project Consulting’s Richard Morrison.

Burke said that the sale would provide a rare opportunity for investors and developers alike.

“The elevated 1221sq m site provides brilliant views over the Brisbane CBD and surrounding suburbs, and has future development potential with a 25-storeys zoning,” he said.

“It is within walking distance of the entire CBD, and Central station.”

Morrison said that the immediate surrounding area was already undergoing significant redevelopment with its proximity to the CBD it’s a natural extension of the CBD.

“Wharf Street has been validated by the relocation of the Australian Tax Office for their headquarters and we expect the location to continue to be a major drawcard into the future,” he said.

The campaign has already attracted inspections from a range of developers and investors, Morrison said.

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