A Brisbane-based investor has acquired a potential development site in the Brisbane CBD fringe suburb of Fortitude Valley for $4.3 million.
CBRE’s Michael Platsis and Darren Collins negotiated the sale of the 1,091sqm site at 95 Robertson Street to a local investor, with the transaction representing a land rate of $3,934sqm.
The site, which currently comprises a quality office/warehouse building tenanted by JC Decaux, offers significant scope for future redevelopment.
Mr Platsis said the property’s development potential, as well as strong holding income were key factors underpinning the sale.
“This property represented an attractive investment opportunity in a prime pocket of the Brisbane CBD, offering both significant scope for future development in addition to immediate security from the current lease,” Mr Platsis explained.
“With a number of projects already being undertaken in the James Street precinct, this area continues to cement its position as an attractive investment destination from a mixed use/residential standpoint.”