A Victoria-based investor has acquired a rare freehold office building in Brisbane’s tightly held James Street Precinct for $8 million, as investor interest in the 2032 Olympic host city continues to build momentum.
CBRE’s Nick Wedge and Jack Morrison managed the EOI campaign of the property at 69 Robertson Street on behalf of private investors. Despite the building being mostly vacant, the sale price reflects a strong capital value of $7,952/sqm.
The campaign was hotly contested through a two stage EOI process and attracted written offers from investors, owner occupiers and value add developers.
Mr Wedge noted the sale was reflective of the growing trend of the return of interstate private investors looking to capitalise on the strongest performing office market in Australia.
“Brisbane is seeing significant investor interest with genuine net effective rent growth, supply constraint issues and a booming Queensland population and economy. Additionally, as interest rates begin their downward cycle, for the first time in a long time, private investors are starting to outbid owner occupiers,” he said.
Mr Morrison commented that 69 Robertson Street was an exceptional example of one of the best boutique buildings in the precinct.
“The building presented market-leading ESQ credentials, inherited high-quality existing fit outs and the ability to cater to multiple tenants or whole building occupiers,” he said.
“The building is less than 300 metres from the prized James Street Precinct, Calile Hotel, Hotel X and Brunswick Street which was appealing to all buyer profiles,” Mr Morrison added.
The four-storey office building features 1,006sqm net lettable area and ten onsite car parks.
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