Fortitude Valley’s property market continues to gain momentum, with an uplift in capital investment in the fringe suburb helping spark the sale of a prominent office tower.
CBRE’s Tom O’Driscoll and Darren Collins have been appointed to sell 252 St Pauls Terrace – a four-storey office building tenanted by education provider, Kaplan Australia.
Located on a 1,100 square metre site across a three-street frontage, the property comprises 3,627 square metres of net lettable area (NLA) and 25 onsite car bays, with each floor plate offering approximately 900 square metres of NLA.
Mr O’Driscoll said the property’s high profile, corner location in Brisbane’s growing fringe would underpin strong buyer interest.
“This asset offers a diverse buyer opportunity, with significant value-add potential either as a long term investment reposition and/or owner occupier offering," he said.
"Furthermore, the current fit out offers a cost effective opportunity for other educational uses.”
Mr O’Driscoll said the sale came amid a significant injection of investment in the Fortitude Valley precinct – highlighting growing confidence in the area.
He said that two quarters of positive net absorption recorded in the leasing market foresees a moving counter cyclical opportunity.
“Strong new capital has been invested in the region, such as the upcoming completion of GURNER’s FV developments, which is helping boost market confidence and spark further activity in the area," he said.
The property benefits from close proximity to public transport networks and landmark locations such as the RNA Showgrounds, Brunswick Street Mall, Emporium, James Street precinct and Howard Smith Wharves.
The property will be offered for sale via Expressions of Interest closing Thursday 25th May 2017.
