A rare freestanding retail and office building in Brunswick Mall, situated directly opposite one of Fortitude Valley’s major live music venues, has been swiftly acquired by an investor eager to capitalise on the precinct’s growing investment appeal.
Samford Commercial Investments purchased the three-level property at 281 Brunswick Street for $6.45 million despite its being approximately 40 per cent vacant.
Jacob Fong, the director of Samford Commercial Investments, highlighted the building’s potential, citing its strong holding income and the value-adding opportunities it presents within a tightly held area known for its robust growth fundamentals.
“We are excited to implement our strategy in line with the other revitalisation projects taking place in the area,” Mr Fong stated.
The surrounding area has witnessed a multimillion-dollar wave of development, including the construction of an A-grade office tower at 31 Duncan Street and two build-to-rent projects—Frasers Property’s tower at 201 Brunswick Street and Pellicano Living’s development at 60-70 Berwick Street—both currently underway.
Additionally, several office, apartment, and retail projects in the vicinity have received development approval.
Hugh Menck from McGees Property, who facilitated the deal on behalf of a Victorian-based vendor, noted that “the Valley is experiencing a resurgence,” with the Fortitude Music Hall’s significant role in revitalising the precinct.
“There is a wave of new developments planned or already in progress around Brunswick Mall. As more people move to the area for work or to live, the demand for retail and services will only increase,” Mr Menck explained.
The property, located on a 367-square-metre site, offers a net lettable area of 956 square metres, including a vacant basement. Current tenants include 7-Eleven, Oporto, and Gyrostream, a live-streaming music business that occupies the top floor. CoreLogic said the property was last sold in 2010 for $5 million.
Mr Menck described the purchase as a “value-add strategy” for Samford Commercial. “There are very few freehold freestanding buildings in Brunswick Mall, and only a handful are without a heritage element,” he said. “This property is a blank canvas with 19 metres of retail frontage,” Mr Menck added.
Calling Brisbane Commercial Owners and Landlords, if you want to maximise your property’s potential in Fortitude Valley, McGees Property knows the area inside out. List your property with us, and we will find the right tenants for you, ensuring your investment thrives.
McGees Property Brisbane proudly manages this property.
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