As the city fringe commercial property market continues to gain strength 757 Ann Street, Fortitude Valley has been placed on the market by Mike Walsh and Peter Court of Cushman & Wakefield. It is for sale by expressions of interest closing November 14, 2019.
The vendor is Investec Australia Property Fund, an Australian domiciled fund that is listed on the Johannesburg Stock Exchange (JSE) and ASX. The Fund invests in office, industrial and retail property located in Australia and is operated by Investec Property Limited, a wholly owned subsidiary of Investec Bank (Australia) Limited.
According to Brisbane Fringe Cityscope, 757 Ann Street is an 11-storey plus rooftop commercial building with two levels of basement car parking for 48 vehicles, 831 sqm of ground floor retail space, ten levels of commercial office space and a roof top bar/restaurant. It was completed at circa $50 million in 2014. Its building area of 9,422 sqm is 100% leased with Corporate House Serviced Offices, the Domain Group and ABB Enterprise Software amongst the tenants. Retail occupants include Boroughs of New York Pizza and Mr Mista.
Wonderfully located on a corner position, the A-grade tower is near the Fortitude Valley train station and is marketed as being in Brisbane’s ‘Premier work/live/play destination’ and with a fully leased net income of $6,208,356 per annum.
The property last traded in 2014 when the newly completed building was bought for $65.5 million.