Investors Parking Cash As Inner-city Drives Demand 12-10-18
STRONG demand for innercity Brisbane freestanding commercial properties with good on-site parking ratios makes securing one of these assets no mean feat, but a locally- based private investor has pulled off a coup by pouncing on two adjoining Fortitude Valley properties in deals totalling $2.42 million.
The freestanding buildings at 47 and 51 Amelia St were snapped up for $1.59 million and $830,000.
Raine & Horne Commercial’s Vaughn Smart negotiated the deal on behalf of a fitout company that previously owned the properties – occupying one and leasing out the other.
The asset at 47 Amelia St comprises a two-storey 278sqm freestanding office building with an existing A-grade fitout and on-site parking for five vehicles.
Its adjoining property at 51 Amelia St features a 90sq m freestanding character building with 60sqm of additional storage space and parking for seven vehicles.
“The square metre rate reflected in the sale was a good indication of the appetite for high quality inner-city freestanding commercial assets with strong parking ratios, especially those sites with future upside,” Mr Smart said.
He said that while interest rates remained low, the appetite from investors and owner occupiers for such assets should continue.
The property at 51 Amelia St was sold with a short-term leaseback to the previous owner, and 47 Amelia is on the market for lease.
“47 Amelia St, being the prize in the purchase, is supported by the adjoining lot at 51 Amelia St, which improves the on-site car parking ratio,” Mr Smart said.
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