Commercial office building in Brisbane’s CBD fringe sold for $2.6m to owner occupier

A commercial building on the fringe of Brisbane’s CBD has sold in an off-market deal as demand for quality, well-located freestanding assets in the city continues to strengthen.

The property at 232 Boundary Street in Spring Hill consists of a 308sq m building on a 258sq m site, with six undercover car parks.

It was sold with vacant possession for $2.6 million to an owner occupier, equating to approximately $8,442 per square metre on NLA.

The sale was negotiated by Hayden Ryan and Jacob Heinke of Knight Frank on behalf of the vendor, a local private investor.

Mr Ryan said Knight Frank was engaged by the vendor to conduct a targeted off-market approach to serious buyers, which resulted in a cash unconditional contract.

“Due to recent campaigns in the area, we had numerous owner occupiers that had missed out on nearby assets that we knew would suit this opportunity,” he said.

“After trying to lease the asset for several months, the vendor decided to capitalise on the strong demand from owner occupiers for vacant freestanding assets in Brisbane’s city fringe.

“By matching the opportunity with the right buyer, we were able to secure a cash unconditional sale within weeks of being engaged.

“The transaction follows the sale of several similar assets, in a similar price range and with the many of the same fundamentals.”

Mr Heinke said the Spring Hill property is nestled on the boundary of Brisbane’s CBD but also Fortitude Valley, making it very appealing to occupiers who benefit from being on the edge of the city but also within walking distance to popular amenity.

“You can see the Howard Smith Wharves and All Hallows School from the doorstep,” he said.

“The purchaser is a national engineering group who had been seeking a suitable premise to occupy for several months. Having been able to match them with this asset has again proved our understanding of those seeking opportunities in the current market.”