Aria snares South Brisbane offices for apartments
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.
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).
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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