Private buyer pays $3.625 million for prime Toowong building

BRISBANE, 22 March 2024 – A private Brisbane investor has paid $3.625 million for one of the few freestanding buildings within Toowong’s lively commercial precinct.

The three-level office building at 52-54 High St sold after a competitive Expressions of Interest (EOI) campaign that drew almost 100 inquiries from owner occupiers and investors, ultimately generating four formal offers.

It offers 740sqm of Net Lettable Area, less than 4km from the CBD.

JLL’s Sam Richards, who brokered the deal with Tim Jones, said the inner-west location – with strong connections to major traffic thoroughfares, including Coronation Drive and Moggill Road – enhanced the building’s appeal.

“The prime position along High Street creates significant exposure and signage opportunities in a location that is set to benefit immensely from its proximity to an array of private and public infrastructure projects,” Mr Richards said.

These include ongoing construction of a 326-unit build-to-rent project next door at 58 High Street and plans for a $1.2 billion mixed-use hub at the former Aviary Toowong site directly across the road at 45 High Street.

The $450 million Monarch Residences project is also ongoing in nearby Coronation Drive.

“Local public transport options further enhance the location’s appeal, with rail and bus services within an easy walk and a nearby ferry terminal providing access up and down the Brisbane River,” Mr Richards said.

Mr Jones said the buyer would reposition the building for a use that didn’t depend on car parking.

“Even with the high levels of inquiry throughout the EOI campaign, its lack of car parking was a key challenge for many owner-occupier and investor groups,” Mr Jones said.

It also highlighted a common theme around older buildings, where a lack of meaningful end-of-trip facilities could render them obsolete amid moves to encourage workers back to the office.

“The sale certainly echoes a wider theme we’re continuing to see play out, where value-add investors are looking to reposition older office buildings for alternate uses such as short-term accommodation,” Mr Jones said.