Industry fund BUSSQ Building Super has sold what was in 2011 its first bricks and mortar investment, a riverside Milton office, for $13.3 million, to Silverstone Developments.
The four storey, 3240 square metre building with 85 car parks at 299 Coronation Drive is now set for a refurbishment.
On 2339 sqm at the south west corner of Graham Street, the property, formerly occupied by Axiom College, has medium term, high rise development upside.
JLL’s Sam Byrne and Tim Jones brokered the off-market deal.
Silverstone boosts portfolio
BUSSQ outlaid $15m for the then A-grade Milton investment; it also part occupies.
That seller, the Australian Property Growth Fund, purchased it eight years prior, for $9.7m.
“The four level office building represents outstanding value and benefits from a strong near city location and quality leasing profile,” the buyer, led by Troy Daffy, said (story continues below).
“The asset will form part of our growing long term investment portfolio and will be commencing works to further enhance the building shortly,” he added.
Milton is two kilometres west of the CBD.
In nearby South Brisbane, last year, Silverstone outlaid $11.5m for an 1823 sqm commercial site with plans for two 12 level buildings.
In 2020, it struck a funds-through sale with Mater Misericordiae for a Newstead office which the not-for-profit flipped to a Charter Hall fund with a leaseback.
In town, Silverstone recently acquired the c1907 Corbett Chambers at 283 Elizabeth St – for c$18m.
Over six storeys, developed for the Commercial Travellers Association, that asset is tenanted to, amongst other groups, JGL Properties and Valmont.
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