- Sold due to Covid impacting leases
- Property sold for $19.5 million
- Located in Spring Hill, Brisbane
Land & Homes Group (ASX: LHM) today announced the completion of its Wharf Street property.
Located at 207 Wharf Street, Spring Hill, Brisbane, LHM acquired the property in early 2016.
Then on a lease to the Australian Federal Police, the lease expired in mid-2017, with various short term commercial tenants occupying the property since.
Land and Homes Group noted on its website that it was considering developing the property. Those plans were deferred, LHM said it had resolved to do so until sufficient leasing commitments could be secured.
In a November 2020 market update, the company said due to the impact of Covid, the company would sell the Wharf Street property, with an eye instead to its Barry Parade project.
100 Barry Parade in Fortitude Valley, Brisbane, was acquired in September 2016, then a single storey commercial unit with two tenants.
LHM was looking to develop the project into a residential tower, and in October 2017, the company was granted development approval for 492 units across two towers, the project is expected to be completed by 2023.
The Wharf Street property has now been sold for $19.5 million dollars.
As per the listing on various sites, 207 Wharf Street sits on 2,433 square metres of land, with 4,695 square metres of net lettable area over four storeys.
It had 67 onsite secure car parking bays, a zero start NABERS rating, and development opportunities for up to a 30 storey building.