Melbourne-based property investor Vantage Property Investments has secured an iconic near-city heritage office asset in Brisbane for $28,650,000.
Located in the heart of Teneriffe, one of Brisbane’s most affluent and desirable suburbs, the Willoughby and Co. Woolstores building at 130 Commercial Road offers 4,097sqm of character office and retail space occupied by high calibre tenants.
The asset was acquired from an unlisted fund managed by Centuria Capital Group subsidiary Primewest, which acquired the building in 2018 for just over $19,000,000.
Constructed in circa 1940 for Willoughby and Co. Importers and Investors, the building is one of the few woolstores in the precinct to have been converted for commercial use, with most now housing some of Brisbane’s most desirable apartments.
CBRE agents Jack Morrison and Adelaide O’Brien brokered the deal for the vendor along with Cushman and Wakefield’s Mike Walsh, Peter Court and Frederic Le Fanue.
The sale marks Vantage Property Investments’ first acquisition in Brisbane as it looks to expand its operations in the Sunshine State.
“We were attracted to the point of difference in the character of the Willoughby and Co. Woolstores and strongly believe in the occupier demand for assets of this nature. Vantage has some exciting plans for the property that we believe will add significant value for our investors, really harnessing the heritage attributes and identity of the building,” Vantage Property Investments’ Managing Director Matt Spring said.
Vantage’s Director of Acquisitions and Investments Paul Henley added, “The office market has seen a shift towards quality office accommodation in key locations. The Brisbane near-city Teneriffe Urban Renewal precinct is one of the most desirable areas with the riverfront suburb being amenity rich and within walking distance of the CBD. It is a location Vantage expects will continually grow and thrive in a city we believe has an extremely strong future.”
The deal represents one of a number of recent commercial transactions in the Brisbane market, which continues to see strong capital inflows.
The 130 Commercial Road property is home to long time tenant NOVA 106.9 alongside a diverse mix of occupants, including Mainbrace and Queensland Government owned screen agency Screen Queensland.
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