RF Corval spends $20.5m at Newstead

RF Corval has paid $20.5 million for a Newstead office.

The three level warehouse conversion at 33 Longland Street – known as The Limestore– contains 3000 square metres of contemporary area.

It came with a permit for a 1310 sqm extension.

The site spreads 1504 sqm, about three kilometres north east of Brisbane.

CBRE’s Jack Morrison and Peter Chapple with Yourcommercial’s Chris McLeod brokered the deal on seven per cent passing yield.

With a vacancy rate of 10pc, the market yield is c7.8pc, they added (story continues below).

RF Corval’s head of Transactions, Oliver Picone, said Newstead is one of the inner-city’s most affluent suburbs.

Its new building, the executive added, is one of the best workplaces in the area.

Elsewhere in Brisbane, the manager owns 365 MacArthur Avenue, Hamilton – overlooking the Royal Queensland Golf Course, near New Farm.

Last March RF Corval paid AUS Finance Group $75.5m for an unbuilt Collingwood, Melbourne, office at 71-93 Gipps St.

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Marc Pallisco

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