One of seven major buildings on Grey Street in South Bank has sold for $44 million.
VennCap acquired the land on 164 Grey Street, South Bank for $44,650,000, representing a market return of 5.4 percent.
Marquette Properties implemented a rental to Queensland X-Ray after a comprehensive repositioning program since the property was acquired by them from 2017, for most the construction.
That application included the reconfiguration of the element and capital works.
Interest was generated by JLL manager of capital markets from investors.
At just 2.1 percent, South Bank has among the lowest vacancy amounts in any industrial precinct in Australia, and this combined with Brisbane’s infrastructure narrative has driven a substantial quantity of attention from both overseas and domestic capital.
The manager of VennCap Real Estate stated they are extremely happy to have obtained 164 Grey Street on behalf of their customers. The location of 164 Grey Street combined with the extended WALE and tenancy profile were key attractions to them.