Fund manager flips ex-Michael Hill HQ
Alceon is reaping an impressive capital gain divesting an east Brisbane office held two and a half years.
The two level Murarrie building, 7 Smallwood Place, at the south west corner of Borthwicke Avenue – the former Michael Hill headquarters – found favour with an owner-occupier for $19 million.
Alceon paid OzProp Capital $13.65m in August, 2022, before undertaking a refurbishment of the 3319 square metres of area.
The 5812 sqm also includes 106 car parks.
Savills’ Shaw Harrison was the agent.
His deal comes 18 months Alceon and OPD Developers offloaded the city’s ex-Golden Casket headquarters, at Buranda, for $72m – a substantial rise on the $15.5m the pair paid two years earlier before renovating and committing the state government as a key tenant (story continues below).
In February, meanwhile, Alceon acquired a CBD office – 40 Tank St – for $73m, a $20m drop on what vendor, Charter Hall, outlaid in 2018.
Murrarie is about seven kilometres from town.
Michael Hill relocated to Cannon Hill.
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