Private investors snap up Brisbane's Spring Hill property for $2.3 million

Private investors are on the move in the inner-city Brisbane fringe, as evident from a recent $2.325 million sale.

220 Boundary Street, also known as Portman Place in Spring Hill, has been snapped up by private investors with business interests in Papua New Guinea.

The tenanted site reflects a net passing initial yield of 10%.

The selling agents were JLL’s Sam Byrne and Christian Sandstrom.

The property is home to Kennedy McLaughlin & Associates, one of Brisbane’s longest running and most highly respected accounting firms. They have been the primary tenant occupying four lots, for more than 27 years.

“The purchasers were very attracted to the asset given the long established tenant, the five-year lease term, fixed annual review and of course, the property’s proximity to the Brisbane CBD,” Byrne said.

“We expect transaction activity in the area will remain strong during 2016 as a result of the likelihood for long term capital growth in the Spring Hill precinct with the draft Spring Hill Neighbourhood Plan being a major catalyst,” added Sandstrom.

Portman Place comprises a two-level office building with a net leasable area of nearly 565sqm, located on the corner of Boundary & Mein Street’s in Spring Hill.

The building is made up of four lots and boasts a strong street presence and is just about a kilometre from the Brisbane CBD.