Brisbane-based investment and development company Seymour Group has acquired a Stones Corner office investment and development opportunity for $27.6 million.
The property comprises a 5,664 square metre commercial complex incorporating a portion of ground level retail, commercial office space, and a multi-level secure carpark situated on a 7,192 square metre site.
Seymour Group director Daniel Farquhar said that the property had key underlying fundamentals which made it an attractive addition to his property portfolio.
“We’re excited by both the short and long term prospects of Stones Corner as it is an established retail precinct undergoing substantial investment and rejuvenation,” Farquhar said.
Seymour Group were reportedly attracted to the inner-city asset because it offered a strong holding income and rich land content of the site.
Savills agents Gregory Woods and Peter Chapple together with Robert Dunne brokered the deal.
Woods said that the deal has signalled a return to confidence in the inner city office market from one of Brisbane’s most astute investors, and that the deal comes at a time that the fringe office market in Brisbane continues to perform strongly.
“The substantial size of the property, being almost two acres in an inner city locale, combined with its town planning classification provides a medium term development play in the form of up to 450 apartments,” Woods said.
Recent investors have included Shayher Group at Kings Row Office Park, AMP at 199 Grey Street in South Brisbane, as well as British investor M&G at HQ South in Fortitude Valley, suggesting continued confidence in the market with over $974 million in sales in the last 12 months.