Savills secure two-in-one South Brisbane deal

Two individual adjacent freestanding office buildings in South Brisbane have been sold as a package deal to a Brisbane-based organisation.  

The properties located on Peel Street were offered for sale through Gregory Woods and Robert Dunne of Savills.

Woods said the campaign attracted 81 enquiries from both developers and local businesses due to the near-city location and strong redevelopment prospects.

Buyers were being told more than $4 million would secure the acquisition.

Woods said the new owners beat four other bidders to secure the properties, and intend to refurbish and occupy one building, and lease out the adjoining property.

“The properties presented an attractive opportunity for owner occupiers, with the added opportunity to generate rental income from the second building," adding the new owner can do this while maintaining a medium term redevelopment play with the Principle Centre zoning providing a 10 storey height limit

The properties total a combined site area of 910sq m, with each property covering 455sq m and offering a net lettable area of 360sq m and 313sq m respectively.