- Off-market sale includes just under 3,000sqm of office space
- Character building underwent a complete refurbishment in 2010
- Sale comes with an existing development approval for building extension
RF Corval, a specialist property fund manager and investor, has acquired a $20.5 million boutique office asset in Brisbane through an off-market sale.
The 3,000sqm of office space located at 33 Longland Street in Newstead – one of Brisbane’s most affluent inner-city suburbs – features existing tenancies in the range of 100-300sqm.
The property, which was acquired from a private interstate owner who in 2010 conducted a major refurbishment of the building, currently enjoys a 90% occupancy rate.
RE Corval has an active asset management portfolio in Queensland which includes the Bundall Corporate Centre on the Gold Coast and 365 Macarthur Avenue in Hamilton.
The 1,504sqm site is located directly across from Gasworks and offers a 1,310sqm building extension that has development approval.
Jack Morrison and Peter Chapple of CBRE negotiated the acquisition.
Mr Morrison remarked that properties similar to 33 Longland Street, from leasing and investment perspectives, are currently in short supply.
“Character buildings of this size with 1,000sqm+ plus floor plates, which can be efficiently sub divided, are a rare commodity, with the property also benefitting from its corner site location and attractive car parking ratio.”
“Investors are actively seeking buildings which are experiencing leasing momentum in the current environment, with this building specifically benefitting from its high-quality office space, access to local amenity and on-site parking.”
Jack Morrison, CBRE
Currently, City Fertility, engineering firm Westerea Partners, Kokoda Property Developers and an array of financial planning, accounting and professional services businesses occupy the offices.
Mr Chapple added CBRE is continually seeing strong interest from interstate syndicates and investment firms attracted to high performing assets in inner-city Brisbane.
“We are expecting this to continue throughout the year given that many of these groups have active capital that has yet to be placed,” he said.