Ladbrokes’ ex-Lutwyche HQ sells for $11.25m

The Lutwyche office (outlined) is five kms north of Brisbane’s CBD.

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.

The Ladbrokes office (red building, left) has sold for $11.25m off-market. JLL is now chasing $16m for the balance of the asset (centre/right), rented to Telstra and Fitness First.

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.

Sydney syndicate Alceon is selling 461-465 Lutwyche Road, on 2602 sqm, as an investment returning annual revenue of $1m. It contains 3207 sqm of lettable area and more than 80 car parks.

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.

Share or Recommend article

Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco