Freestanding office building sold after 38 years of single ownership in off-market deal
A prominent Milton commercial building has sold for $5.7 million in an off-market transaction that achieved a benchmark building rate for the tightly held inner-city precinct.
Located at 1 Mayneview Street, Milton, the two-level office building had been held by private company RJAL Pty Ltd & Vanwhile Pty Ltd for 38 years. The property is widely recognised as the former RBC Building and previously the Ricoh Building.
The 883sqm building sits on a substantial 1,226sqm corner site and includes ground floor office and workshop areas, an upper-level office suite and 12 on-site car spaces. The building became vacant following RBC Group’s recent departure.
The purchaser is Port Binnli Group, a development company and owner-occupier that will undertake an extensive six-month refurbishment program before relocating its expanding operations to the premises. The acquisition marks the group’s second Milton purchase through JLL in recent years, following its purchase of 2/11 Parkview Street in late 2023.
Port Binnli Group Development Manager Tom Hall-Brown said the Mayneview Street property was a logical next step following strong business growth.
“Since acquiring our Parkview Street premises in 2023, we have experienced substantial growth and have rapidly outgrown the space,” he said.
“When we were presented with 1 Mayneview Street, we wanted to move quickly as it ticked many boxes for us. It provides a large corner landholding with a ‘blank canvas’ offering for us to reposition and accommodate our growing business.”
The deal was negotiated off market by JLL’s Sam Richards and Ryan Shepherd.
Mr Richards said the result highlighted the strength of the owner-occupier market for well-located freestanding buildings.
“This sale demonstrates the continued strength of owner-occupiers in the marketplace,” he said.
“We are pleased to have facilitated the transaction on behalf of the long-term owners to a repeat client in Port Binnli Group, allowing them to establish a permanent home for their expanding business.”
Mr Shepherd said the property’s strategic positioning and substantial land holding underpinned the strong result.
1 Mayneview Street represents quality real estate – a 1,226sqm corner site with ample car parking, a functional building, and within walking distance of some of Brisbane’s best cafes and restaurants at Given Terrace,” he said.
The sale achieved a building rate of $6,455 per square metre, setting a record result for Milton assets with Low Impact Industry zoning that permits office use.
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