Neighbouring inner-Brisbane buildings trade for $30m
An under-utilised inner city commercial investment – two neighbouring office and retail buildings – has changed hands for the first time in nearly 30 years.
A private investment vehicle controlled by a civil engineer is paying just over $30 million for 171-181 Robertson Street, Fortitude Valley.
The seller was Robert ‘John’ James, who developed the precinct as a high-end fashion hub in the 1990s.
The result reflects a circa 3.9 per cent net passing yield.
It also prices the land at $18,170 per square metre.
171-181 Robertson Street
Opposite the Calile Hotel, the 1651 sqm Robertson St amalgamation is zoned MU Mixed Use, with the potential to be replaced with high rise apartments (continues below).
“To achieve a sale price over $30 million for this site reinforces the strength and attraction of the James Street precinct,” Ray White’s Tom Barr said.
“The area is recognised as one of Australia’s most tightly held retail and lifestyle hubs, protected by extremely high barriers to entry and complemented by the highest quality surrounding development,” he added.
“The property has no existing development application or approval however the existing tenancy profile of the property allows for vacant possession of the site to be obtained in 2028 (or potentially sooner by negotiation),” according to the executive.
“The property offers multiple opportunities for the new owner, including development of a luxury project in residential, hotel, commercial, mixed-use or land bank, with the opportunity for strong positive rental reversion over the next few years as the existing leases expire.
“This sale represents a rare changing of the guard for a highly coveted ownership group within the James Street retail precinct, which has largely consisted of the same owners since the precinct’s inception”.
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