In possibly one of the last major Queensland sales before Christmas an inner Brisbane site has changed hands for $64 million. The vendor of the Chinatown Car Park at 31 Duncan Street, Fortitude Valley, was Ashe Morgan Investments, a specialised real estate investment and advisory group which was founded by Michael Moss of Bellevue Hill in 1981. It had been put to market in August by JLL Brisbane and CBRE Brisbane. The purchaser was Tribune Properties Pty Ltd, a local developer owned by Earl Larmar of Brisbane, Douglas Salthouse of Auckland and Peter McKenna of Benowa.
Chinatown Car Park, according to Brisbane Fringe Cityscope, is a retail and office complex combined with a five-level parking station. It comprises 1,310 sqm of retail space, 2,816 sqm of office space and car parking for 464 vehicles. Its tenants include Stellar, Vodafone and various restaurants and small retailers. The car park is fully leased to Secure Parking. The property’s large site area of 4,183 sqm and close proximity to the Brisbane CBD make it an ideal site for re-development.
The property last traded at $47.8 million in 2015, though this sale included the purchase of five small neighbouring properties at 143-153 Wickham Street. This sale, at $64 million, represented an initial yield of 6.58% on a passing income of $4,211,200 (net).