A private rural investor group has sold their inner Brisbane office building for $48 million.
Kicking off the new year in the commercial property market an inner city office building at 33 Park Road, Milton has sold for about $48 million.
Located two kilometres from the Brisbane CBD, the building was sold by a group of private rural investors from Goondiwindi and Indooroopilly. The sale was completed by CBRE Brisbane and JLL Brisbane.
The purchaser was AMP Capital, on behalf of its retail investors. AMP Capital is one of Australia’s leading investment houses, with over $160 billion in funds under management.
33 Park Road, according to Brisbane Fringe Cityscope, is a B-grade commercial office building comprising two basement levels of parking for 115 cars, ground floor shops and three upper floors of office space. It was built in 1988 and has undergone various refurbishments in 1996, 2011 and 2014. Over a net lettable area of 7,287 sqm, its tenants include the Commonwealth Bank, ConocoPhillips Australia, Nautilus Minerals Group and Estee Lauder.
The building previously traded at $31 million in 2012.