This article is from the Australian Property Journal archive
Investors’ appetite for low vacancy commercial properties continues to grow with the latest sale of an office property in Brisbane’s Vulture Street for $1.5 million.
Located at 400 Vulture Street, Woolloongabba, the property sits opposite the Brisbane Cricket Ground was sold.
The three level building comprises 1,672 sqm of space situated on a 940.8 sqm site.
The property sold by Savills’ Robert Dunne and Pete Costello who said the campaign generated over 30 inspections and 12 offers to purchase.
Dunne believed that the strong market interest in the property reflected the great redevelopment opportunity the property presented.
“The property was a great opportunity for a developer to capitalise on the low commercial vacancy risk offered by the fringe areas of Brisbane such as Woolloongabba,” Dunne said.
According to the Property Council of Australia, as of January 2006, inner south vacancy rates have dropped in the past 12 months from 5.7% to 2.9%.
Brisbane’s total fringe vacancy rate has plummeted over the past year from 7.5% to 4.2% with many CBD tenants being drawn to the fringe areas due to the lack of contiguous space currently available in the CBD.
While the private investor who purchased the property remains tight lipped about its future, the property is rumoured to be transformed into a commercial office hub.
By Adam Parsons
