Queensland Performing Arts Centre has sold a South Brisbane studio to the St Vincent de Paul Society, which has its headquarters next door.
The deal for 12 Merivale Street is worth $6.5 million.
The vendor paid $455,000 in 1999.
CBRE’s Darren Collins and Adelaide O’Brien were the agents.
On a 921 square metre Principal Centre 1 zoned block, 12 Merivale St was marketed for its development upside; a structure of up to 20 levels could be considered.
Office, build-to-rent, hotel and aged care uses were suggested.
The existing two floor improvement contains 785 sqm of lettable area and six car parks.
St Vincent de Paul paid $1.55m for the neighbouring three storey building – 10 Merivale St – in 2000.
That property occupies 850 sqm.
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