The five-level riverside building located at 12 Cribb Street was bought by a private investor at an initial yield of 6.78 per cent, reflecting a rental rate of approximately $3,900/sqm.
JLL's Sam Byrne and Christian Sandstrom brokered the deal together with co-agents Anthony Ott, Peter Chaple and Nick Russell from Savills, negotiating an expressions of interest campaign which attracted interest from a variety of investors.
Byrne says the Sydney-based family who bought the property recognised the value of Brisbane, and particularly Milton, as a market which produces good value and long term growth prospects.
"The acquisition of 12 Cribb Street is another example that interstate and off-shore investors recognise Milton as an established near-city office precinct which has undergone a significant transformation in recent years with the completion and current construction of a number of large scale residential towers," he says.
Nick Russell added that 12 Cribb Street's recent facelift helped with the sales campaign.
"The sale is the result of a well-executed refurbishment and leasing campaign implemented by an experienced vendor and provides further evidence of the demand for fully leased, prime positioned, near city property in Brisbane," says Russell.
Tenants of 12 Cribb Street include construction company MCJV, printer and graphic designer Worldwide Printing Solutions and document management business Upstream.
Each floor in the building is equipped with its own kitchen facility, and there are separate amenities on the ground floor including a shower, showroom facilities and basement parking for 54 vehicles.
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