A vacant, centrally located office property offering a variety of showroom or creative or corporate office opportunities is about to hit the market.
Located in the heart of the famous Fortitude Valley in Brisbane at 5 Light Street, the 570sq m freestanding building sits on a 564sq m site and is currently configured as commercial office space split over 2 levels.
With ample natural light, high ceilings and polished concrete floors the building offers a unique working atmosphere, appealing to single or multiple occupiers. An added bonus is the private on-site 6-8 car parking spaces.
The property also has redevelopment potential into a four-storey building, subject to the usual Council approvals.
5 Light Street is for sale through Hamish Harries and Daniel Pepper of Savills Metropolitan & Regional Sales who are quoted as saying that a number of tenants are moving out of the city centre and buying offices in areas such as Fortitude Valley to facilitate the company’s reduction in floor space due to COVID-19.
According to Mr Harries, “Due to the low cost of debt and COVID-19 changing the way occupiers look at office space, we are seeing a shift in demand as traditional office tenants are now looking to purchase accommodation just outside the core city area.”
Mr Harries went on to say that the local owner originally bought the property, which is close to Leighton HQ and the Homemaker Centres, with the intention of renovating it into an office/residence for his family. However, market demand from others wanting to buy or lease the property was too enticing to go through with the development.