Real estate investment and advisory group AsheMorgan has bought the Valley Heart property portfolio in Brisbane's Fortitude Valley, for $79 million.
The portfolio, which includes buildings on both sides of Brisbane's Chinatown Mall, includes the heritage listed TC Beirne building.
The portfolio was sold by the Tseng family, which owned the assets through their companies Grand Wealth and Forwin International.
A development scheme for up to 900 apartments has been approved, but AsheMorgan principal Alton Abrahams told The Australian Financial Review that his immediate objective was to reposition rather than redeveloping.
"We are reviewing all the options for the property and while there is no doubt that it is a key urban renewal site, our short-term focus is to improve the asset," Mr Abrahams told The Australian Financial Review.
"Following the purchase, and under the management of AsheMorgan and DMANN Corporation, the property will benefit from a complete refurbishment and repositioning which will take into consideration the long historic standing of the heritage facades and the current ongoing tenancies."The property portfolio was sold on a 6 per cent yield at a land sales rate of $8458 per square metre.
The portfolio of assets included the Chinatown Car Park and retail and commercial buildings covering 20,000 square metres of net lettable area.
AsheMorgan said it plans to fully refurbish the ground level, mall-facing tenancies.