West End office, gym trades for $14.5m

The offering includes two multi-storey buildings – an office and a gym.

An office and gym on 3321 square metres in Brisbane’s inner west have sold for $14.5 million.

The price for 33 Vulture Street, West End, reflects an initial yield of 5.72 per cent.

On a fully leased basis – a fifth of it is empty – the return is 6.87pc.

The asset will be held by a single asset fund managed by a local group.

JLL’s Tim Jones and Sam Byrne were the agents.

33 Vulture Street

With frontage to Paris and Turin streets, the holding was marketed for its development upside; the land is zoned DC1 District Centre (story continues below).

The offering contains two refurbished buildings with a total 2908 sqm of area.

Each has a small open-air car park – all up there are 42 bays.

The property is opposite West End State School which is undergoing an extension for anticipated local population growth.

The suburb is two kilometres from the CBD.

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Marc Pallisco

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