Surburban Brisbane office building sells for $6.75 million

A building in the suburban Brisbane masterplanned Lakes Vista Office Park, located in North Lakes,  has sold for $6.75 million.

Building 12 incorporates 1,382 square metres of office and retail space, as well as 46 car park bays.

The property was purchased by Stronghold Investment Management, headed by Steve De Nys and Tony Boyd.

The sale realised an initial yield of 8.29%.

Once fully developed the office park, located just over 25 kilometres north of the Brisbane CBD, is planned to have approximately 13,228 square metres of commercial accommodation.

JLL’s Christian Sandstrom said the sale was indicative of the strength of the suburban office market in the city, with over $100 million worth of office buildings being transacted in 2016.

“Designated office parks in Brisbane have matured, with more experienced investment groups having accepted them as a designated office/employment precincts and we believe they will become increasingly popular by investors,” said Sandstrom.