19 unit Coorporoo apartment complex sold for $10.5m

The result was very strong, representing an initial yield of 3.87%

19 unit Coorporoo apartment complex sold for $10.5m
19 unit Coorporoo apartment complex sold for $10.5m

The Concerto Apartments complex in Cooparoo has been sold in one line for $10.5 million.

The block at 17 to 19 Haig Street in Brisbane’s inner south east was bought by an interstate private investor.

It sold through Harry Borger, Tim Jones and Sam Byrne from the JLL Metro Sales & Investments team.

Completed in 2018, the apartments represent a modern, fully-leased residential development featuring 19 well-appointed apartments owned ‘in-one-line’ with the majority being spacious two-bedroom units with the top floor home to three-bedroom penthouses with city views.

JLL’s Harry Borger said Concerto attracted "immense market interest" given its investment fundamentals.

The competitive EOI process resulted in 100 enquiries and eight offers.

The price represented an initial yield of 3.87% and "very little discount to the cumulative value of the unit if offered individually,” Borger said.

It came with a historically low vacancy in a precinct close to the CBD.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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