Interstate appreciation to invest in good architecture

05 November 2018

A strata office located within Spring Hills’ ‘Portman Place’ complex has been snapped up by an interstate investor within 11 days of being placed on market.

Will Carman of Savills negotiated the sale on the commercial office suite at 220 Boundary Road achieving a rate of $5,518 per square metre.

Mr Carman said the 135sq m suite attracted immediate interest which was largely driven by the property’s central location and proximity to the Brisbane CBD.

The property has been occupied for the last 30 years by local architectural firm, WBP Architecture and Design.

Established since 1987, WBP Architecture specialise in commercial, hospitality and fast food projects and designs and have undertaken projects from Darwin through to Hobart.

“The incoming investor saw value in the good tenure and the new lease expiry until 2023. Being a longstanding tenant, WBP offered security and an income stream of almost $60,000 net per annum,” he said.

Mr Carman said the purchaser also liked the sturdy brick construction, high level of fit-out and open plan design.

While the property generated plenty of interest as soon as it was placed on the market, premium levels of interest where generated directly from Savills database reach.

“We were able to achieve a quick result on this occasion as we had access to the right buyers through a targeted database strategy,” Mr Carman said.

Learn more about Savills Strata Sales.

 
 

Key Contacts

Will Carman

Will Carman

Executive
Commercial Sales

Savills Brisbane

+61 (0) 7 3002 8814