Developer swoops on New Farm shops, dwelling
Griffith Group has paid $14.5 million for an apartment development site in Brisbane’s inner east New Farm.
The amalgamated holding at 934–942 Brunswick Street spans 1,250 square metres.
The eastern boundary fronts Sydney St opposite New Farm Park.
The properties are fully leased.
Based on the rental return, the deal reflects a 2.56 per cent net passing yield.
The property was also marketed for its development upside, with a short weighted average lease expiry. The land is also zoned Low Medium Density, allowing up to three storeys.
MP Commercial’s Mike Walsh and Peter Court were the agents.
The result prices the (494 sqm) building area at $29,352 per sqm, they said.
Abri Property was the seller, outlaying $10.5m in 2021 (continues below).
Griffith buys, sells
Griffith is based in Teneriffe, neighbouring New Farm.
The Brunswick St deal comes four months since the group sold the Windsor Exchange, a large format retail investment 3.5 km north of Brisbane
The developer completed that project in 2023.
Griffith also recently divested a new quick service retail investment in the city’s south west Ripley.
Three weeks ago we reported it bought another asset of this type, near Bribie Island.
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