After solid interest and multiple offers a commercial office building with extensive CBD views in Milton has been sold for $5.025 million to a local owner occupier.
The 1,025 sqm commercial office building located at 18 Finchley Street Milton, attracted good interest with over 80 enquiries, showing strong demand for freehold buildings in the immediate Brisbane fringe.
Colliers Queensland Director of Investment Services Nick Wedge said Milton was fast becoming one of Brisbane’s best performing commercial precincts.
“This is now the fourth building on Finchley Street we have sold in recent years and over $61 million in total sales in Milton during the same period,” Nick Wedge said.
“There was huge interest in this headquarters due to it being located in a prized inner city precinct with stunning CBD views and ample parking.
“The property is a well-appointed office building that is currently 62 per cent occupied with a mix of short and long team leases in place, providing the owner occupier purchaser a quality commercial premises with the benefit of passing income.
“Given the unique low impact industry zoning as well as full lift access throughout, the property allows for multiple potential uses including office, medical, education, showroom and certain industrial uses, subject to council approval.
“The 1,216 sqm site consists of a three storey commercial building, providing dual access points from Finchley Street and onsite car parking for 26 bays.
“It is in a highly connected location situated in the heart of Milton with all modes of public transport readily accessible from the property,” Nick Wedge added.
Colliers Queensland National Director of Investment Services Hunter Higgins said due to limited construction activity, the Milton precinct had witnessed a decrease in vacancies as the available space had been absorbed.
“Located in one of Brisbane’s best performing commercial precincts, Milton is set to further benefit from future infrastructure projects in the proximity,” Hunter Higgins said.
“Brisbane is experiencing one of the greatest infrastructure booms in history with over $50 billion in progress.
“Ranging from new world class dining precincts, Brisbane Live, the Queens Wharf Casino, Cross River Rail and to hosting the 2032 Olympics, Brisbane is the place to invest.
“The emergence of Milton as a popular precinct owes to it being a natural extension of the CBD and close to transport and entertainment, in immediate proximity to Suncorp Stadium,” Hunter Higgins added.