A triple-level commercial building in the heart of Fortitude Valley has sold for $4.7 million in an off-market deal.
Located at 622 Wickham Street, the building was sold to a Sydney based investor with a 6.27 per cent yield.
The fully-leased building is situated on a 344sqm site with a total net lettable area of 740sqm.
The site was zoned Mixed Use 1 (Inner City) under the Brisbane City Plan 2014 and allowed for a maximum building height up to four storeys.
The sale was negotiated by Ray White Commercial Queensland father and son team Stephen and Elliot Kidd.
“The building underwent major renovations in 2015 and has resulted in an outstanding office investment in one of Brisbane’s strongest performing near-city office markets,” Stephen Kidd said.
“We’ve seen a dramatic increase in the demand from interstate investors for assets like these in the last year, as buyers look to the relative Covid security of the Sunshine State and are banking on continued economic and population growth within Queensland’s regional areas. We are in desperate need of more stock to sell”