New Owner For CBD Heritage Asset

Alternative real estate investment manager GreenFort Capital has secured a heritage-listed office building on the edge of the Brisbane CBD’s golden triangle precinct.

It has purchased 262 Adelaide St, which was built in 1927 as the former headquarters of Gordon & Gotch publishing importers.

The building has a net lettable area of 2300sq m over seven levels. Although the sale price is yet to be disclosed, it is believed to have changed hands at less than $4000/sq m of gross floor area.

GreenFort Capital was attracted to the unique character profile of the building, its central CBD location and high vacancy profile.

Cushman Wakefield’s Nick Spiro, who brokered the deal, said GreenFort had identified the heritage sector as an asset class of particular interest.

“The modern workplace has changed drastically of the past five years, and it is now imperative for landlords to provide a point of difference in the accommodation that they offer,” he said.

Published on December 22, 2017