This article is from the Australian Property Journal archive
THE fully refurbished Engineering House, on the doorstep of Brisbane’s CBD, has changed hands with a local owner-occupier snapping up the four-floor office building for $9.8 million plus GST.
The buyer is a local group that provides access to allied health care and needed to secure office space for their growing business.
Colliers’ Hunter Higgins and Nick Wedge managed the sale of 447 Upper Edward Street Spring Hill for a local private investor. The 1,357 sqm building derives its name from a previous life as the headquarters for Engineers Australia.
It transacted at a capital value of $8,201 per sqm.
“The buyer was attracted to the high calibre of the vacant building which has undergone a full refurbishment, coming fully fitted out and furnished, meaning they can move straight in and avoid lengthy timeframes and costs for fit-out,” Higgins said.
He added there was strong interest in Engineering House due to its location in Spring Hill, which is a “natural extension” of the Brisbane CBD.
Demand from owner occupiers and value add investors seeking existing office space in Brisbane is overtaking demand for new builds in the current construction climate.
Wedge said the full refurbishment meant the building offered significant opportunities for the purchaser to inherit immediate and long-term depreciation benefits.
