This article is from the Australian Property Journal archive
STOCKLAND has sold the Garden Square office complex to Quintessential Equity for $45.25 million.
Located at 643 Kessels Rd Upper Mount Gravatt, in south-east of Brisbane, the 16,650sqm site offers seven levels of office space and is directly adjacent to the Westfield Garden City shopping centre.
The property is fully leased to multiple tenants including the Queensland government departments as well as National Australia Bank and Commonwealth Bank.
Quintessential Equity CEO Shane Quinn said the acquisition of Garden Square and the company’s expansion into the Queensland market was an exciting development for Quintessential Equity and its investors as it greatly strengthened its national property portfolio.
“With surplus land also available on-site, we are excited to have the option to expand and develop the property’s offering in the future to provide different accommodation solutions tailored to the specific needs of prospective tenants,” Quinn said.
Originally constructed in 1984, Garden Square consists of two co-joined buildings and provides large, efficient and flexible floorplates of between 1,723sqm and 1,920sqm. It has a Net Lettable Area (NLA) of 12,623sqm as well as 406 car parks.
Stockland’s group executive John Schroder said the decision to sell the asset reflects the group’s strategy to selectively down-weight its exposure to office at this point in the property cycle.
Australian Property Journal
