JLL sells prominent Newstead development site for $4,865,000

BRISBANE, 7 September 2020 – JLL’s QLD Metro Sales & Investments Director Tim Jones and Associate Sam Byrne have sold 20-24 Proe Street in Newstead in Brisbane’s inner north to a local private investor in an off-market transaction for $4,865,000.

The mixed-use property which currently has a lease in place to Taubmans Paint (PPG) is prominently positioned in the highly sought-after James Street precinct, just walking distance to the popular Gasworks, Commercial Road and James Street retail and dining areas. 

“The 1,192sqm site sits on the corner of Proe and Leopold Streets, and benefits from mixed use zoning allowing for development to six storeys based on the current town planning parameters, however, surrounding projects would suggest precedent for a development of greater significance,” said JLL’s Tim Jones. 

The functional building which totals 683sqm features an air-conditioned high bay showroom, warehousing with container height roller door access, mezzanine offices, generous on-grade parking and prominent signage and exposure to the densely populated surrounding inner-city catchment.

“The site is extremely well known and unsurprisingly we have had numerous investors and developers enquire about the property over the years, given its zoning, functional improvements and two street frontage in one of the most sought after mixed use precincts in Brisbane,” continued Mr Jones.

JLL’s Sam Byrne said, “After working closely with the local investor on this particular site and ongoing conversations with the vendor over almost 12 months, we were able to agree to terms reflective of the quality of the property.”

He said the given the functionality of the existing improvements, the new owners intended to lease the building when the current tenant vacates and have already had numerous tenants express interest given the position and flexible design features of the property. 

Mr Jones said the sale was another endorsement of the strength of the inner Brisbane market.

“The sale of Proe Street is the sixth sale within the area in the last month facilitated by JLL’s Metro Sales & Investments team, including nearby 232 Arthur Street and an undisclosed sale off James Street totalling more than $35 million. We have had a continued focus on the inner north and look forward to announcing further successful transactions in the coming months.”