Sydney syndicate Alceon has sold a Lutwyche commercial asset for $11.25 million.
Ladbrokes’ former headquarters at 467-473 Lutwyche Road is trading to a nearby aged care community and disability service organisation which plans to occupy.
JLL’s Sam Byrne and Tim Jones brokered the off-market deal.
The double storey investment contains 1776 sqm of lettable office area and 60 basement car parks.
The vendor spent $25.9m on it and the adjoining two level building, 461-465 Lutwyche Rd, which is leased to Fitness First and Telstra.
Coincidentally JLL is also spruiking that commercial property – asking $16m.
Asset value has doubled since 2008 despite vacancy
The assets – 461-465 and 467-473 Lutwyche Road – include a total of 4962 sqm of workspace and 149 car parks.
They occupy a 4444 sqm parcel at the south-east corner of East Street with development upside (story continues below).
Following a deal which has just settled, negotiated by Cushman & Wakefield’s Mike Walsh and Peter Court, Alceon acquired them from Centennial Property Group which outlaid $22.5m in 2015.
That vendor, Harvest Property, paid $13.9m for 461-473 Lutwyche Rd 12 years ago.
No re-pricing necessary in current market: agents
“Whilst this [Ladbrokes office] sale was agreed in late 2019, the transaction reflects the current sentiment of many owner occupiers and investors who are active in the market – that quality assets with strong underlying fundamentals are in demand with no re-pricing during this period,” the agents said.
The price for 467-473 Lutwyche Rd reflects a building rate per sqm of $6334.
Lutwyche is about five kilometres north of Brisbane’s CBD.
Ladbrokes – an arm of London Stock Exchange listed GVC Holdings – is now headquartered in Australia at Bowen Hills, also in the inner north.
Years ago 467-473 Lutwyche Rd office was occupied by recruiter Manpower.