A prominent Brisbane office and retail building has been snapped up for $8.1 million after receiving more than 100 enquiries, which Ray White Special Projects QLD associate director Andrew Burke said was due to an ‘old school’ sales approach of listing with a price.
Located at 215 Wharf Street, Spring Hill, the fully-leased 1333sqm, three-storey building is home to popular French restaurant La Cache a’ Vin, as well as an Asian supermarket and a number of office buildings.
The property was sold by Mr Burke and Morrison Projects Consulting’s Richard Morrison on behalf of Silverstone Developments who decided to sell the property in order to focus on larger developments.
Mr Burke said the property received strong interstate interest and was purchased by a private Melbourne investor.
“Buyers knew where they stood because of the ‘old school’ sales approach of listing with a price,” he said.
“Therefore the over 100 enquiries were all genuine buyers and no bargain hunters.”
He said the elevated 1,221sqm site provided brilliant views over the Brisbane CBD and surrounding suburbs.
“It also has future development potential with zoning for up to 25 storeys,” he said.
“In addition it is within easy walking distance of the Brisbane CBD, Central train station, and the Howard Smith Wharves precinct.”
Mr Morrison said the property provided strong investment fundamentals with an annual net income of $444,959.
“The building offers secure cash flow underpinned by majority long-term leases with fixed annual rent reviews,” he said.
“The property offers a WALE of three years, which positions the property to benefit from the growth that will naturally be provided through the major infrastructure projects currently underway in the vicinity.”