The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
2 WEEKS UNTIL OUR UNMISSABLE FLAGSHIP CONFERENCE MORE THAN 550 ALREADY ATTENDING
2 WEEKS UNTIL OUR FLAGSHIP CONFERENCE 550+ ALREADY ATTENDING
REGISTER NOWDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
RetailStaff WriterSun 14 Sep 14

Fortitude Valley Investment Sold With Plans For Development

3

The building is currently 100 per cent occupied by Salvation Army who are likely to vacate the property at the end of their three year term in August next year.

Hunter Higgins, Associate Director of Investment Services at Colliers International

who marketed the 398 St Pauls Terrace property said it attracted local developers.

“There was a lot of interest for the property as an investment, but due to its MP2 zoning, prominent corner position and expiring lease the 772 square metre site has high mixed-use development potential and has mostly attracted the local developers.

“Fortitude Valley is Brisbane’s highly sought after fringe precinct that is experiencing strong economic growth and a development boom with a number of urban renewal and mixed-use projects currently in progress,” said Mr Higgins.

“The availability of sub $5 million commercial assets is becoming increasingly scarce in this region as many older and smaller properties are being amalgamated and redeveloped.

Scott Forrester, Project Manager at Forrester Properties

 said their recently completed developments currently consist of South Central and The Capitol Apartments in South Brisbane.

“We were looking at Fortitude Valley as our next area to develop because of the activity currently happening in this area.

“This site gives us an opportunity to build a 10 storey boutique apartment development at the doorstep of the massive RNA Regeneration Project. We are currently in the process of preparing plans for Council and will lodge an application for approximately 56 one and two bedroom apartments with about 100 square metres of ground floor retail,” said Mr Forrester.

“Considering the site is only a block away from the Green Square, Brunswick Street and Fortitude Valley train station it is ideally positioned for professionals who work in the area or the CBD and are looking for convenience of an inner city lifestyle.

“Positioned on a corner block we have three street frontages which will allow our apartments to have natural ventilation and a good outlook. We will see the project from start to finish with our construction arm building the project and our property management team retaining the management rights. Lindsay Mack, Principal Architect from Opus International Consultants has been appointed for the project design,” said Mr Forrester.

Mr Higgins said the building is currently tenanted by Salvation Army for a three year term which commenced on 1 September 2012 and expires on 31 August 2015 with a three year option.

“The current lease arrangement brings in a net passing income of $88,684 per annum.”

The building area totals 373 square metres comprising ground and first floor office, commercial kitchen, showroom and warehouse positioned on a prime 772 square metre corner site with three street frontages.

The property has superior car parking ratio of 11 onsite car parks for its 373 square metre NLA, which equates to a car parking ration of 1:33.

Building underwent minor refurbishment in 2012 which included new external entertaining areas, modern kitchen facility, upgraded offices and reception area.

Owner of the property is Range Holdings who is currently selling a portfolio of investment assets comprising of mostly industrial properties across Brisbane which are being marketed by David Seale, Associate Director of Industrial at Colliers International.

ResidentialAustraliaReal EstateSector
AUTHOR
Staff Writer
"TheUrbanDeveloper.com is committed to delivering the latest news, reviews, opinions and insights into the best of urban development from Australia and around the world. "
More articles by this author
ADVERTISEMENT
TOP STORIES
The Port of Brisbane has released its Vision 2060 which details the need for inland rail connectivity
Infrastructure

Brisbane Port’s $15bn Future Faces One Big Obstacle

Renee McKeown
5 Min
Freecity Rouse Hill triple towers 2 Tempus Street
Exclusive

Freecity Takes Covers Off $330m Triple Towers in Sydney’s North-West

Leon Della Bosca
5 Min
Parallel Workshops Stockdale Housing PBSA project
Exclusive

Suburban Success Story Turns PBSA Thinking on its Head

Leon Della Bosca
7 Min
Exclusive

Interstate Developers Find Lots to Love in ‘Progressive, Affordable’ SA

Taryn Paris
5 Min
Bates Smart Richmond Sportslink HERO
Exclusive

BtR Focus Drives Bates Smart’s Richmond Sportslink Concept

Leon Della Bosca
6 Min
View All >
Residential

Home Affordability Gap Widens Across Asia-Pacific

Lindsay Saunders
The Port of Brisbane has released its Vision 2060 which details the need for inland rail connectivity
Infrastructure

Brisbane Port’s $15bn Future Faces One Big Obstacle

Renee McKeown
Logan Wastewater Funding hero
Infrastructure

Flush of Funding to Deliver 20,000 New SEQ Homes

Phil Bartsch
Without the $135.98-million injection it is claimed the Logan City Council would have had to stop approving new housing …
LATEST
Residential

Home Affordability Gap Widens Across Asia-Pacific

Lindsay Saunders
3 Min
The Port of Brisbane has released its Vision 2060 which details the need for inland rail connectivity
Infrastructure

Brisbane Port’s $15bn Future Faces One Big Obstacle

Renee McKeown
5 Min
Logan Wastewater Funding hero
Infrastructure

Flush of Funding to Deliver 20,000 New SEQ Homes

Phil Bartsch
3 Min
Stockland's Triniti HERO
Build-to-Rent

Stockland $400m North Ryde BtR Approved on Appeal

Leon Della Bosca
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/fortitude-valley-investment-sold-with-plans-for-development