Aria snares South Brisbane offices for apartments

The 1877 square metre site is earmarked for a 30 storey tower.

Aria Property Group has picked up two low rise, soon-to-be-vacated South Brisbane offices with plans for a high rise apartment project.

The builder, which is headquartered in the suburb, is outlaying $18 million, reflecting a 4.15 per cent yield, for the buildings, 10 and 12 Cordelia Street.

With 1648 square metres, the last tenant moves out in 2024.

Greenfort is planning a 30 level Build to Rent tower at 2 Cordelia Street.

The 1822 sqm Principal Centre 1 zoned block can then accommodate a circa 30 level tower.

Cushman & Wakefield agents Andrew Gard and Michael Gard said the offering is one of about 30 development sites left in the suburb.

Developers move in

The 10-12 Cordelia St deal comes nine months since GreenFort Capital with Canada’s BentallGreenOak and Partners Group, of Singapore, outlaid $20m for a low rise warehouse on 2309 sqm in the street – at #2 – with plans for a 30 level Build to Rent tower containing c309 dwellings.

Melbourne based Accord Property Group was that seller.

Elsewhere in the suburb, last year, Silverstone snapped up 176-182 Melbourne St with plans for two 12 storey buildings (story continues below).

Silverstone purchased 176-182 Melbourne Street last year.

Also in 2021, the Queensland Performing Arts Centre sold its studio at 12 Merivale St, South Brisbane, for $6.5m to the St Vincent de Paul Society, which had its headquarters next door.

Last month, meanwhile, Marquette Properties purchased one of Southbank’s seven offices, 189 Grey St, from Mirvac for $104.4m, reflecting a seven per cent yield.

Aria reweighs

The acquisition of 10-12 Cordelia St comes three years since Aria, led by Tim Forrester, sold the city’s c1949 171 Edward St, at the corner of Elizabeth, to Dexus, for $82m.

Coincidentally, that property sold again, in June, for $82.2m.

The buyer was The Hour Glass, which occupies part of it for its Hermes brand.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of