Building in Brisbane's Newstead fetches $13.25 million

A five-story building in Brisbane’s inner north suburb of Newstead has exchanged hands for $13.25 million.

The A-grade asset on 26 Commercial Road is positioned on a 760 sqm site.

The property was marketed as part of a portfolio of properties being sold by Heathley’s Diversified Property Fund. 

The building has a net lettable area of 2,195 sqm and has a diverse tenancy mix comprising Blue Commercial, Symposium Café, 20Cube, Emerchants Limited, White Retail Group and Gray Puksand. 

The deal was brokered by CBRE’s Peter Court and Darren Collins on behalf of Heathley Asset Management Limited to a Melbourne-based investor. 

“The property’s location in Newstead’s Urban Renewal Precinct was a key drawcard... with the area now regarded as one of Brisbane’s most revered office hubs,” Court said. 

“The precinct has experienced significant leasing success over the past 12 months, with vacancy decreasing from 16 percent to 10 percent."