A prized freehold commercial asset in the heart of Queensland’s most in-demand precinct will become the interim Brisbane base of buyers agents Cohen Handler whilst they develop their headquarters on Commercial Road, Newstead.
The property at 116 Robertson Street in Fortitude Valley was purchased by Cohen Handler Founder & CEO Simon Cohen and Queensland Managing Director Jordan Navybox for $4.8 million following a highly-competitive Expressions of Interest (EOI) campaign that generated strong enquiry from both local and interstate buyers.
The deal was negotiated by Hayden Ryan and Jacob Heinke of Knight Frank on behalf of a private interstate vendor.
The asset comprises a 286 sqm, two-level medical/office building situated on a 517 sqm site, with the capacity to accommodate up to 10 on-site vehicles.
It is positioned within the highly exclusive James Street Precinct, home to some of Australia’s most recognised hospitality and fashion brands.
Mr Ryan said the EOI campaign for 116 Robertson Street generated significant interest from both local and interstate buyers, resulting in a total of 11 bids at the close of the EOI.
“Assets of this nature are exceptionally rare in today’s market,” he said. “As a freehold property located just 100 metres from James Street, we anticipated strong interest, however the precinct continues to exceed expectations.”
“Ultimately, the pending lease expiry and generous on-site parking were key to unlocking value for the vendors. While we adopted a broad-based marketing approach to maximise engagement, the most likely purchaser was always an owner-occupier, given these two attributes.
“While there could only be one buyer for this asset, we have multiple desperate purchasers seeking all types of opportunities in this precinct. Entry into this market remains extremely challenging for buyers, and that pressure is only expected to intensify.”
Mr Heinke said Fortitude Valley was also one of the most tightly-held commercial markets in Australia.
“It is widely recognised as Australia’s premier ‘live, work and play’ precinct, and over the past five years has continued to grow and evolve into one of the most sought-after destinations in the country,” he said.
“116 Robertson Street is surrounded by world-class amenity and destinations such as the internationally acclaimed Calile Hotel, the renowned SK Steak & Oyster and the iconic Howard Smith Wharves precinct.
“It will also benefit from its close proximity to some of Brisbane’s most significant infrastructure projects set to be completed over the next five to 10 years, including the Cross River Rail and surrounding Olympic Infrastructure Projects.”
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