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News release

Brisbane

Brisbane: 518 Brunswick Street sold for $6.49million


BRISBANE, 12 November 2013 – 518 Brunswick Street in Brisbane’s Fortitude Valley has sold for $6,490,000 on a vacant possession basis in a deal negotiated by Jones Lang LaSalle’s Mike Walsh and Christian Sandstrom, together with the team from Chesteton International.

The property was sold on behalf of Australian Property Growth Fund (APGF). 

Refurbished in 2006, the property features 2,582sqm of high quality commercial office space across four levels. It was previously tenanted by Bechtel and is also the former headquarters of IBM. 

Jones Lang LaSalle’s Mike Walsh said that due to its unique façade and dominant street presence, the asset was well known within the local market and occupies a prominent position on Brunswick Street, one of Fortitude Valley's most recognised street addresses.

“Fortitude Valley has evolved into a natural extension of the CBD and its attraction is evidenced by the commitment from a number of high profile corporations securing space in the area including Brisbane City Council, Leighton Contractors, Energex, State of Queensland and Bank of Queensland to name a few,” he said.

“The precinct has reached a total size of 460,000sqm, which is 37% of the total near city market,  and is an established market of critical mass.”

He said they received more than 50 enquiries, eight Expressions of Interest and ultimately an agreement was reached with a local private investor on prompt contract terms for the property. 

“The response to this offer further highlights the willingness of investors to acquire asset's with leasing risk provided the underlying fundamentals are strong (location, car parking, building quality and proximity to amenity),” he said.