South Bank commercial building sells for $44 million

South Bank commercial building sells for $44 million

One of seven major commercial buildings on Grey Street in South Bank has sold for $44 million.

VennCap acquired the property on 164 Grey Street, South Bank for $44,650,000, representing a market yield of 5.4 per cent.

Marquette Properties recently executed a new 10-year lease to Queensland X-Ray for the majority of the building, following an extensive repositioning program since they acquired the property in 2017.

That program included capital works and the reconfiguration of the retail component.

JLL's senior director of capital markets Queensland, Luke Billiau, who assisted in negotiating the sale, says the campaign for the Grey Street property generated significant interest from domestic investors.

"At just 2.1 per cent, South Bank has one of the lowest vacancy figures in any commercial precinct within Australia, and this along with Brisbane's infrastructure story has driven a significant amount of interest from both domestic and offshore capital," says Billiau.

Tim McEnallay, director of VennCap Real Estate said "we are very pleased to have acquired 164 Grey Street on behalf of our client. South Bank is a precinct over which we have maintained a watching brief. The location of 164 Grey Street coupled with the long WALE and tenancy profile were key attractions to us."

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