AMP Capital’s Wholesale Australian Property Fund has purchased a 14-storey office building in South Brisbane for about $92 million.
Located at 199 Grey Street, the building provides 12,452 sqm area with ground floor retail space and basement car parking for over 200 vehicles. Built in 2008, the building was designed, constructed and managed by Stockwell.
Major tenants in the building include KBR, Minor KDL, Children’s Health Queensland Hospital and Health Service, and Backroads Touring.
AMP Capital bought the long term leasehold interest, which is a 999-year lease expiring in December 3007, from Tribune Properties Pty Ltd, a company owned by Earl Larmar and another party.
According to Cityscope research, the freehold interest of the property is held by South Bank Corporation, which was formed in 1989. It owns and manages the 40 hectare South Brisbane precinct which includes the Parklands, Little Stanley Street and Grey Street Boulevard.
The deal was facilitated by agent Anthony Ott of Savills, as reported by Australian Financial Review.