RF Corval buys $20.5m office property in Newstead, Brisbane

RF Corval buys $20.5m office property in Newstead, Brisbane

Sydney-based fund manager and investor RF Corval has acquired a boutique office asset opposite the Gasworks retail and dining precinct in Brisbane's riverside suburb of Newstead.

The $20.5 million acquisition of 33 Longland Street from a a private interstate owner adds to RF Corval's portfolio which also includes the Bundall Corporate Centre on the Gold Coast and 365 Macarthur Avenue, Hamilton.

The building, which was completely refurbished in 2010, has 3,000sqm of office space with existing development approval for a 1,310sqm building extension.

It is currently 90 per cent occupied with tenants including City Fertility, engineering firm Westera Partners, Kokoda Property Developers and several financial planning, accounting and professional services businesses.

"Newstead is one of Brisbane's most affluent inner-city suburbs and we are excited to add what we believe to be one of the area's best office offerings to our portfolio," says RF Corval's head of transactions Oliver Picone.

"The property offers a point of difference, being well-presented, character space with numerous avenues for value creation.

"The existing tenancies range in size from 100-300 sqm which we are seeing as the most active segment in the leasing market at present."

The off-market acquisition was negotiated by CBRE's Jack Morrison and Peter Chapple in conjunction with Chris McLeod of Your Commercial.

"Properties such as 33 Longland Street are in short supply in the current market, both from a leasing and investment perspective," says Morrison.

"Character buildings of this size with 1,000sqm+ plus floor plates, which can be efficiently sub divided, are a rare commodity, with the property also benefitting from its corner site location and attractive car parking ratio.

"Investors are actively seeking buildings which are experiencing leasing momentum in the current environment, with this building specifically benefitting from its high-quality office space, access to local amenity and on-site parking."

Chapple adds there has been strong interest in early 2021 from interstate syndicates and investment firms seeking near-city and CBD assets in Brisbane.

"We are expecting this to continue throughout the year given that many of these groups have active capital that has yet to be placed," he says.

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