University of Queensland purchases Toowong office building

A High Street office building in Brisbane’s inner-city suburb of Toowong has sold to the University of Queensland (UQ).

The University of Queensland (UQ), which has its main campus in the neighbouring suburb of St Lucia, bought the 74 High Street property with vacant possession.

It intends to occupy the office in the future.

With over 4,000 sqm of net lettable area (NLA) the building has a basement car park with space for 43 vehicles.

Set on 1,827 sqm of land is has over 80 sqm of frontage to High Street.

Christian Sandstrom, Matt Barker and Ben McGrath of Knight Frank negotiated the sale of the property following an expressions of interest campaign.

Mr Sandstrom saidm "numerous offers were received at the close of the campaign with particular strong interest from a number of local companies wishing to acquire the property for their own occupation given the cost advantage compared to leasing their premises."

Mr Barker said 74 High Street presented a unique opportunity to purchase a quality office building located in the popular inner western suburb of Toowong.

“The area surrounding 74 High Street is continuing to experience valuable development and investment, and has the potential for redevelopment.

“It was 100 per cent leased to Allianz Global Assistance, but this tenant moved out in January this year after occupying the building for 15 years.”

University of Queensland Property and Facilities Director Steve Dickson said the purchase would help meet the university’s project planning and space requirements during a five-year capital works program at the St Lucia campus.

“It’s close proximity to St Lucia with good transport links will ensure that it remains a strategic part of our estate planning into the future,” he said.