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Accounting firm pays $6.5 million for Brisbane CBD property

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A distinctive two storey office space, which is a part of the Wenley House heritage building, has been sold to an accounting firm.   

SV Partners paid $6.5 million for the freehold space.

The iconic Brisbane CBD building is at least 150 years old. According to the Queensland government it was erected in 1864 by M M Jewell, who came to Queensland in the early 1860s. It is constructed from timber and masonry, and has a metal roof.

Knight Frank's Sales Manager, Commercial Sales for Brisbane, Tom O'Driscoll, negotiated the deal.

With a net lettable area of 882 square metres and a 113 square metre covered entertainment deck, the property is located at 20-24 Market Street. 

Mr O'Driscoll said that SV Partners had been in the market for at least 12 months. 

"Opportunities such as this are exceptionally rare in this tightly-held market for this type of asset," he said. 

The office property is close to public transport and is located in an in-demand area of the Brisbane CBD, close to Queen Street Mall and Eagle Street Pier.

Overseas investors are showing a strong interest in the Australian market and are keen to include the Queensland capital in their property development portfolio

"We are receiving increased interest from offshore investors in the Brisbane CBD, but domestic inquiry is strongest for this price bracket. There is very limited stock of this type available on the market - it was a rare find," commented Mr O'Driscoll. 

A media release by Knight Franks explains that the Market Street property has two allotments, and is included on both the Brisbane City Council and Queensland heritage registers. 

Date Published: 30 Jun 2015
Category: General News

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