Silverstone Developments has paid $11.5 million for a South Brisbane office/warehouse with high rise upside.
The purchaser paid cash for 176-182 Melbourne Street.
The L-shaped 1823 square metre site also fronts Edmondstone St; it could make way for 12 storey towers.
It presently contains a 1400 sqm vacant building – nearly half of which is a high-bay warehouse.
The office rises three levels, is modernised and air conditioned (story continues below).
The investment also has 32 car parks.
JLL selling agents Elliot O’Shea and Tim Jones said the buyer outbid other developers – based locally and offshore.
Last October – in an unusual deal – Silverstone sold an unbuilt Newstead office to Mater Misericordiae, which immediately flipped it with a 10 year leaseback to the Charter Hall managed Social Infrastructure REIT.