Valley Property Passes The Test For Queensland Principals 06-01-17

CHRIS HERDE

THE Queensland Association of State School Principals ran the ruler over an inner city property before buying it to use as its new headquarters and to earn income from.

Raine & Horne Commercial’s Alex McSweeney, who struck the off-market deal with Vaughn Smart, said the converted 580sq m two-level freestanding office at 29 Baxter St, Fortitude Valley, changed hands for $1.73 million.

He said the ability to lease out part of the property and being close to transport were strong attractions.

“There were several groups interested in the site however the successful buyer, who had previously missed out on a couple of other properties, was positioned to move quickly,” Mr McSweeney said.

“The buyer will occupy the first floor office while benefiting from the passing income from Fusion Fabrics who occupy the ground floor tenancy.”

QASSP will move from its leased premises at Level 5/490 Upper Edward St, Spring Hill.

Mr McSweeney said that while buyers were now taking a more conservative approach in the current market, there were still plenty of groups who are positioned to take advantage of low interest rates and purchase their own premises.

“Freehold sites, with future upside are still seen as a favourable option,” he said.

Mr Smart said given the low interest rate environment, there was strong demand for freestanding owner-occupier opportunities with existing passing/ holding income.

“This, however, is being constrained across the board by the limited availability of quality freehold assets,” Mr Smart said.

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