RECEIVERS SELL SPRINGFIELD TOWER FOR $17 MILLION

RECEIVERS SELL SPRINGFIELD TOWER FOR $17 MILLION

SPRINGFIELD Tower has been sold in a $17 million deal around five months after it was placed into the hands of receivers.

JLL sought expressions of interest over a five-week period until late September 2016, on behalf of receivers PPB Advisory.

Located in Springfield Central, the ten-storey office building provides 9,459sqm net lettable area. It was built in 2008 by Hutchinson Builders for Brisbane-based Stt Properties Pty Ltd.

The asset is 50% leased with major tenants including Springfield Land Corporation, The Salvation Army, Department of Housing and Public Works and Northrop Grumman.

The deal was negotiated by JLL's national director of metro sales and investments, Christian Sandstrom, and senior executive metro sales and investments, Sam Byrne.

"The landmark is ideally situated in the heart of Springfield Central close to the Orion Shopping Centre, and is within walking distance to the new $1.2 billion rail linking Springfield to all major stations to the Brisbane CBD," says Sandstrom.

"This has had significant impetus to attracting new businesses to the area, especially as it continues to grow."

Sandstrom says the Greater Springfield community is nearing 13% completion with more than $11.7 billion invested in the project to date, a number which is estimated to grow to $85 billion by project end.

"Since the commencement of this project, we have noticed a significant increase in the amount of new capital sources looking to capitalise on Springfield's rapid growth" he says.

Byrne adds that throughout the sale campaign, interest came from a broad range of domestic and off-shore groups.

Business News Australia

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