The building, located at 340 Queen Street is a 716 square metre freestanding building compromised of a retail banking chamber and office space, with six basement car bays.
It recently went under development for it’s tenant China Construction Bank, the world’s second largest publicly listed company.
Richard Morrison and Tom O’Driscoll of Knight Frank, with JLL, negotiated the sale prior to the property going to auction.
Knight Frank’s sales executive- commercial sales, Tom O’Driscoll said that 340 Queen Street offered an outstanding freehold retail investment opportunity, which brought in attention from both local and overseas investors and resulted in a sale before auction.
“Potential investors were attracted to the limited need for future short term capital expenditure as the building recently was redeveloped with works involving high quality retail accommodation,” Mr O’Driscoll said.
Mr O’Driscoll also added that the space featured many fundamentals for investors, including its prominent position in the Golden Triangle financial precinct.
“In addition to its close proximity to major banking institutions, the building’s prime location has outstanding exposure to passing pedestrian traffic and access to Central Train Station, Queen Street Mall, Post Office Square and King Street Square Bus Station,” Mr Driscoll said.
340 Queen Street also hold potential for future development, which was an interest point with investors due to the expected growth in population and employment for Brisbane’s CBD.