Brisbane: Five storey ‘Gabba’ property sells for $3.7 million in JLL deal
QUEENSLAND, 10 August 2020 – JLL Metro Sales and Investments QLD Director, Elliott O’Shea and Senior Executive, Andrew Havig have negotiated the sale of a five storey office building at 40 Nile Street in Brisbane’s Woolloongabba for $3,700,000.
The sale represents an initial yield of 6.50%.
On a total site area of 607sqm in Woolloongabba, on the city’s southern fringe, 40 Nile Street has an NLA of 877sqm. The property features a five storey office building with car parking for six vehicles and generates a passing net income of $240,672 annually.
“After a competitive on-market Expressions of Interest process on behalf of the vendor, a local private owner, where we fielded 42 enquiries and six bids, the property was sold to a local private investor,” said Mr Havig.
He said the property was well located within one of Brisbane’s most desirable near-city locations.
“40 Nile Street in Woolloongabba represents a quality investment, underpinned by a brand new six-year triple net lease (from settlement) to leading film and television post-production company, The Post Lounge, with a further five-year option.”
He said the successful purchaser was drawn to the property because of its proximity to the Brisbane CBD, Cross River Rail project and Logan Road dining precinct as well as its long-term tenure and quality construction.
“The opportunity to acquire a secure leased investment with future development upside within 350m of the $5.3bn Cross River Rail (Woolloongabba Station Precinct) proved a strong attraction,” said Mr Havig.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.