Macquarie Real Estate Equity Fund has made more than $34 million in sales from its 12-storey, 110-unit Q2 project, on the old Fox and Hound pub site at the corner of Queen and Flinders Streets. Alexander Robertson director and selling agent David Combes said a severe shortage of freehold office buildings available for sale, forced buyers to look to strata offices if they want to own their real estate.
He said investors are comfortable buying into the CBD strata office market, on the back of rising rents, property values and a shortage of stock. He said properties bought off the plan late last year and resold this year, returned an average 20 per cent premium.
In the south-eastern suburb of Wheelers Hill, developer JLR Properties has made $12 million from sale of suites at its 54-unit Wheelers Hill Business Centre at 200 Jells Road.
Nichols Crowder selling agent Matt Spicer said sales were split equally between owner occupiers and investors. “The product was unique for the market but it has proved there is demand,” said Mr Spicer. “The result is a testament to the research that people want to work closer to home.”
Construction of both Q2 and the Wheelers Hill project, are due for completion at the end of the year