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A SOUTH Brisbane commercial property at 163 Grey Street has sold for $30.30 million.
The sale was negotiated off-market to Moelis Australia Asset Management and Marquette Properties by Luke Billiau and Seb Turnbull of JLL's Sales and Investments team.
Marquette Properties' Managing Director Toby Lewis says it is an exciting acquisition, particularly in light of the tightly held nature of the precinct and its proximity to South Bank.
"South Brisbane is the 'near city's' strongest performing market from a leasing perspective, and there has been limited formally-marketed opportunities to acquire assets of the quality of 164 Grey Street," says Lewis.
"We have been working with our capital partner, Moelis Australia Asset Management and JLL over the last few months to secure this outstanding asset."
"The asset will undergo a transformation consistent with our track record of working with architects, builders and tenants to make buildings better from a visual and functional standpoint."
Billiau says the sale reflects the pent-up demand for high quality commercial assets in near city locations.
"We are continuing to see significant demand for quality assets such as 164 Grey Street from a range of domestic and offshore groups that have to be exceptionally competitive due to the lack of product being brought to the market."
"We expect increased off-market activity this year as active capital becomes more aggressive in both approach and appetite."
The property is an A-Grade commercial office providing a total net lettable area of 3,102 sqm with three upper levels of office accommodation atop ground floor retail and car parking for 40 vehicles. The property is underpinned by ground floor retail accommodation with frontage to both Grey Street and Little Stanley Street.
Turnbull says, "Moelis Australia Asset Management and Marquette Properties have secured one of Brisbane's most unique assets. There are very few opportunities to acquire commercial assets in South Brisbane, which is arguably the most tightly held investment market in Brisbane."
Business News Australia
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