An institutional-grade riverfront office building in Brisbane’s fringe suburb of Milton, neighbouring the city’s CBD, is up for sale.
The five-level asset at 339 Coronation Drive is the largest office building to hit the market in Brisbane’s fringe this year and is one of only three riverfront near-city office sites over 5,000sqm in Queensland’s capital.
It has 13,004 sqm of net lettable area spread over two towers on a 5,843sqm site, with 305 car bays.
The property is being taken to the market via an Expressions of Interest campaign run by Knight Frank’s Justin Bond and Matt Barker on behalf of the vendor, Keppel Capital.
339 Coronation Drive attracts a diverse range of tenants, including ASX-listed companies, national and international organisations, and private enterprises across various sectors. These include construction company CPB Contractors, atworkspaces serviced offices, Toyota Finance and Wilson Parking.
The fully leased net income for the asset is approximately $7.4 million per annum.
Mr Bond said the A-grade building was one of the most iconic and distinctive office buildings in Brisbane’s inner western corridor, serviced by Coronation Drive, which is one of Brisbane’s inner-city arterials.
“339 Coronation Drive is the maiden institutional grade opportunity of 2023 in the Brisbane fringe,” he said.
“Occupying an impressive riverfront position on one of the largest sites in Milton, the asset offers an investor a strong cashflow with immediate and future investment upside through the implementation of a robust leasing strategy.
“We expect national and international interest in this opportunity, with Brisbane increasingly on the radar for investors.
“The city is expected to experience rapid growth during the next decade due to comparatively affordable housing, lifestyle benefits, a series of upcoming infrastructure projects and of course the 2032 Olympics.”
Mr Barker said the office accommodation within 339 Coronation Drive offered exceptional natural light with expansive views of the river and Brisbane CBD.
“It is further bolstered by a recently completed refurbishment program which included a new end-of-trip facility, on-floor refurbishments and significant upgrades to the central atrium converting it into a new open-air breakout space with a café and fitness studio.
“Situated just two kilometres from the CBD, 339 Coronation Drive benefits from an abundance of nearby amenity including a range of cafes and restaurants, shopping and services, as well as outdoor activities including walking, running and cycling.
“It is also easily accessible with great access to Brisbane’s major transport arterials and public transport.”
The Expressions of Interest campaign for the property will close at 4pm (AEST) on Tuesday 25th July 2023.
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