Strong demand for freehold office assets in Brisbane’s CBD has underpinned the sale of a boutique building on Edward Street.
CBRE’s City Sales’ Tom O’Driscoll and Andrew Adnam negotiated the sale of the 41 Edward Street building on behalf of a private vendor for $4.524 million.
Situated on Brisbane’s tightly held high end retail strip, overlooking the corner of Edward and Margaret streets, the three storey heritage building comprises a basement, ground floor retail and office accommodation.
The building, which is positioned on a 225sqm site and boasts a net lettable area of 550sqm, was sold with vacant possession in an off market transaction.
Mr O’Driscoll commented: ”There has been a significant lack of CBD transactions, with the last 100% freehold sale of sub $30 million taking place in June 2016.
“This transaction was secured within a week prior to going to a formal campaign – highlighting the positive environment for property owners in the current market.”
The Edward Street property is one in a series of transactions of heritage assets sold by Mr O’Driscoll, with the last being the Queensland Irish Club on Elizabeth Street, which sold for $8.1 million in January 2016.
“41 Edward, built in the same era, represented a well maintained recently refurbished offering that holds a small important piece of Brisbane’s history,” Mr O’Driscoll said.
The building is one of the few remaining CBD assets built by Thomas Rees – Brisbane’s former Lord Mayor – between 1885 – 1886. The property was first occupied by Robert Martin, a prominent shipping merchant who exchanged ironmongers, sail makers and riggers. Due to its proximity to the Brisbane River, it was occupied by shipping merchants for approximately 77 years.
Internally, the property offers high pressed metal ceilings, new lift, carpet, large internal staircase between floors and mosaic tiling, Hamptons’ style bathrooms.
Over the next month, the adjoining property, 47 Edward Street, will be offered to the market through CBRE City Sales – testing the strength of demand in the niche sector.
With a total net lettable area of approximately 772sqm, the property is currently in its final stages of a full restoration and will be offered with vacant possession.
Positioned on a 235sqm site, the property has an additional rooftop loft with river views, double height Herringbone ceiling and exposed original brick walls and timber flooring.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
