Developer picks up underutilised Brisbane office
Will Griffin and Steve Jones, founders of OneFin, are the latest asset managers to buy into Fortitude Valley’s St Pauls Terrace.
The developer has paid $10.55 million for #360, to reposition.
With 1400 square metres over three levels and 30 basement car parks, the 1069 sqm block, also exposed to Amelia Street, zoned MU1 (Inner City), allows for something four times taller.
McCullagh Property Group’s Michael McCullagh with McGees Property Brisbane’s Guy Stafford brokered the deal off-market.
The property previously traded in 2010 for $6.475m.
OneFin buys on St Pauls Terrace
Brisbane based OneFin, formed in 2021, is a commercial and residential developer.
Mr Griffin and Mr Jones however both have asset management experience.
Their deal comes three weeks since we reported Quintessential spent $174.85m for a 12 level, 24,179 sqm office at 505 St Pauls Terrace, Fortitude Valley.
In April meanwhile, Sentinel outlaid $132m for an office neighbouring that with 17,618 sqm over five storeys.
“This acquisition is an important step in our growth strategy and positions us with one of Brisbane’s most progressive and connected urban precincts,” Mr Griffin said.
“The location, zoning, and underlying land value offer immediate utility and significant upside through capital growth,” according to the executive.
External equity might be called in to help with the reposition, Mr Jones added.
“With major urban renewal, infrastructure upgrades, and the city’s preparations for the 2032 Olympics, we expect strong occupier and investor demand for properties in this corridor to continue,” he said.
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