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News release


Brisbane: 41 Raff Street, Spring Hill sold for over $4 million

Softer leasing market increases affordability in the outer CBD

​Brisbane, 22 September 2014 – 41 Raff Street, Spring Hill has been sold via an Expressions of Interest campaign for $4,080,000, in a deal negotiated by JLL’s National Director, Sales and Investments for Queensland Christian Sandstrom and JLL’s Negotiator, Sales and Investments Sam Byrne.

“During the four-week campaign we received interest from a range of owner occupiers, value-add investors and developers looking to redevelop the site for either hotel or residential use, or a combination of both,” said Mr Sandstrom. 

“The buyer is a Melbourne based Vocational Education, Training and English Language College which will owner-occupy the premises after undertaking a refurbishment program,” he said. 

“The Raff Street deal was signed after the buyer considered a range of locations with immediate proximity to the CBD that provided good access for both staff and students to both public transport options as well as strong retail amenity.”

Mr Byrne said the sale signals a return by owner occupiers, capitalising on the availability and cost of debt at record low levels, and a softer leasing market. 

“The current leasing market has created opportunities to purchase vacant free-standing office buildings close to Brisbane’s Central Business District – and this is a prime example,” he said.

Situated only 800m from the Brisbane CBD, the property has a site area of 1,064sqm, and a net lettable area of 1,014sqm. It comprises a two-level office building with on-grade visitor and basement car parking for 23 vehicles, and with over 45 metres of frontage to Turbot Street, it receives excellent exposure from passing traffic.

The building’s current design allows for ease of subdivision or multiple tenancies, and the site’s council zoning provides future redevelopment potential with the ability to add an additional level. Positioned within close proximity to all forms of public transport and retail amenity, the site particularly benefits from being located directly opposite the Spring Hill Market Place.