BRISBANE HOT SPOT ON THE MARKET
Written on the 11 September 2015
BRISBANE'S tightest office precinct, where there is an estimated 6 per cent vacancy, will next week have a spot up for grabs.
South Central Commercial, a 3035sqm fully-leased investment in South Brisbane, is expected to attract a range of private and institutional inquiries who are willing to invest circa $20 million.
Tom Phipps, Guy Stafford and Philip O'Dwyer from Colliers International are exclusively marketing the retail and office component for sale on behalf of Hudpac Corporation Pty Ltd. The Brisbane-based development company completed the mixed-use development at 43 Peel Street in 2008.
Phipps says the fully-tenanted asset has a strong leasing history with the office component accommodating ten tenants and retail component two tenants.
"This outstanding investment opportunity in Brisbane's best performing office precinct offers secure income stream with staggered lease expiries, underpinned by a list of blue chip tenants," he says.
"In the last two years commercial space in South Brisbane has become scarce due to a significant redevelopment of commercial sites for high density residential projects. Therefore assets of this nature will attract higher investment premiums in the future due to their strong income streams and revenue growth potential.
"This is becoming more evident as the Brisbane commercial property market follows an anticipated recovery in vacancy, incentives and rental levels."
The Expressions of Interest campaign closes 28 October 2015.