Two-in-one deal sees Brisbane offices net $4m

The pair of office buildings on Peel St in South Brisbane.
The pair of office buildings on Peel St in South Brisbane.

Two Brisbane office buildings have been snapped by a savvy local organisation in a rare double deal worth more than $4 million.

The neighbouring properties with a combined site area of 910sqm in Peel St South Brisbane, sparked a flood of interest after hitting the market late last year.

Developers and investors were among potential buyers inquiring about the lucrative two-in-one opportunity.

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However, a local organisation beat four other bidders to secure the sought after package.

According to Savills Commercial Sales associate director Gregory Woods, the central location and redevelopment potential were key factors fuelling interest.

But with agents receiving more than 80 inquiries, Woods says the offer of two adjacent sites close to the CBD remained the major drawcard.

“The properties presented an attractive opportunity for owner occupiers, with the added opportunity to generate rental income from the second building,” Woods says.

“The new owner can do this all whilst maintaining a medium term redevelopment play with the Principle Centre zoning providing a 10 storey height limit.”.

The sites are close to Brisbane’s CBD and each building covers 455sqm, offering net lettable areas of 360sqm and 313sqm, respectively.

It is understood the new owners intend to refurbish and occupy one site and lease out the second property.