Interest in Brisbane’s fringe office market remains strong as 55 Russell Street, South Brisbane sells for $23.65 million. The vendor was the family company of Paul and Glynnis Williams of West End, who have owned the property for some time.
The purchaser is Forza Capital, a property investment group founded by Adam Murchie and Ashley Wain in 2010. Forza works with high-end private investors and previous investments include buildings in Brisbane, Fortitude Valley and Richmond and Carlton in Victoria.
55 Russell Street is a three-storey commercial building with basement car parking for 55 vehicles and a building area of 4,081 sqm. It has a 5-star NABERS rating and a site area of 2,153 sqm. The building is tenanted by Queensland Government departments and is not fully leased, partly accounting for its sale price.
Forza also owns a nearby four-storey commercial building at 10 Browning Street, South Brisbane; the company purchased it in 2016 for $65.5m. The four-storey building includes retail space and the Melbourne Hotel on the ground floor and three levels of office space above. The 2016 sale represented an initial yield of 8% on passing income of around $5.24 million.