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News release

Brisbane

Full floor in North Quay sells for $1.520million : Jones Lang LaSalle


​BRISBANE, 15 October 2013 – Jones Lang LaSalle’s Mike Walsh and Christian Sandstrom have settled the sale of a full floor at 183 North Quay for $1,520,000. 

The sale which settled just this week highlighted a renewed appetite for leasing risk, according to Jones Lang LaSalle’s Mike Walsh. 

“Level 1 in 183 North Quay was the floor we sold, a total of 584sqm in the nine-level commercial building in the CBD’s north quarter and legal precinct,” he said. 

“The floor was sold to a private investor without a tenant in tow, highlighting the investment market’s appetite for leasing risk if priced accordingly. This investor, in particular, analyses opportunities using  traditional valuation metrics such as rate/sqm, which has a significant bearing on his purchase decisions. He ultimately took the view that buying a well-positioned vacant strata lot with four car bays for $2,600/sqm represented good value.” 

The sale was negotiated on behalf of vendor Agforce Queensland Industrial Union of Employees, after Mr. Walsh sold them their new headquarters at Matisse Tower, 110 Mary Street, Brisbane CBD and the property became surplus to their needs.

The sale includes four car parks. 

“It was an excellent opportunity for an investor to acquire a full floor of high quality office space with spectacular views of the Brisbane River and an exceptional CBD car parking ratio,” said Mr Walsh. 

“Demand was high from owner-occupiers and investors due to the price point and given the building’s proximity to Roma Street Station, the King George Bus Station, Queen Street Mall, the Law Courts and a bridge-walk from South Bank.”