Interstate buyer wins chase
A STRATA office located within Portman Place complex in Spring Hills 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 Rd achieving a rate of $5518 per square metre.
Mr Carman said the 135sq m suite attracted immediate interest which was largely driven by property’s central location and proximity to the Brisbane CBD.
The property has been occupied for the past 30 years by local architectural firm, WBP Architecture and Design.
Established in 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,” Mr Carman said.
“Being a longstanding tenant, WBP offered security and an income stream of almost $60,000 net per annum.”
He 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,” he said.
“We were able to achieve a quick result on this occasion through a targeted database strategy.”