Property giants secure Brisbane office complex for $15.8m

An Australian property group has added an impressive office property in Brisbane to its growing portfolio in a $15.8 million move.

Property investors, asset management and development company RG Property fought off interest to secure the historic Fortitude Valley complex which is made up of three-character buildings at 37 Kennigo Street.

The 5,094 sqm inner-city site originally served as Keating’s Bread Factory back in 1916 but has since undergone three major renovations, the most recent of which last year.

RG Property CEO Rhett Williams says he is delighted to have acquired such an exciting property in an area undergoing huge expansion.

“Securing this large landholding puts us and our investors in a strong position to capitalise on the continued growth in the Fortitude Valley market, which is emerging as a natural extension of the Brisbane CBD,” he says.

We’re excited by the medium- and long-term potential of this asset as the Fortitude Valley region continues to go from strength to strength.

RG Property CEO – Rhett Williams

The award-winning complex was sold by CBRE’s Jack Morrison and Peter Chapple in conjunction with Cushman & Wakefield’s Peter Court and Mike Walsh, marking the latest in a string of acquisitions by RG Property.

“Assets such as 37 Kennigo Street, which offer a level of uniqueness and character, are in high demand as buyers seek to add a mix of asset types to their portfolios,” Jack explains.

“This underpinned interest in the sale campaign, given the current tenant and buyer interest in well-appointed heritage assets,” he adds.

The property features dual frontages as well as providing 2,955 sqm of office space and 46 car accommodation, with major tenants in the buildings including Hassell Architects amongst smaller software and marketing companies.

Peter Court explains that investor interest was high for the Brisbane offering and that the demand for similar properties is showing no sign of coming to a halt.

“We saw an increase in demand towards the back end of 2020, a theme that has increased in early 2021 and looks set to continue as buyers view the current market conditions with more certainty,” he says.

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