Brisbane’s commercial property market is alive and well, a recent record sale suggests
THE RECENT sale of an office property has set a new benchmark for boutique office accommodation in Brisbane’s Fortitude Valley and the city’s inner fringe precincts, according to CBRE’s Darren Collins, who negotiated the sale on behalf of owner Albie Records.
The office asset, located at 36 Warry Street in Fortitude Valley, was acquired by a private investor for a cool $12.95 million.
The 5,093 square metre site, which includes single and dual level office accommodation, was fully leased upon settlement.
“The complex is one of Australia’s most innovative and ground breaking commercial assets combining chic office accommodation with a dynamic heritage design,” Mr Collins said.
The central building, established as Keating’s Bakery in the late 1880s, has been immaculately renovated by a leading architecture firm which currently tenants the space.
The renovated office integrates the bakery’s raw brickwork and original ovens and has won 13 awards, including the 2009 AIA Beatrice Hutton Award for Commercial Architecture.
“Throughout the construction phase, 88 per cent of building waste [by weight] was reused or recycled and the former Keating’s Bakery building was awarded a 5-star Green Star Rating by the Green Building Council of Australia,” Mr Collins said.
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