South Brisbane and similar suburbs are continuing to perform well according to research from Corelogic.
Interest in Brisbane’s fringe office market remains strong as 55 Russell Street, South Brisbane sells for $23.65 million. The vendor was the family company of Paul and Glynnis Williams of West End, who have owned the property for some time.
The purchaser is Forza Capital, a property investment group founded by Adam Murchie and Ashley Wain in 2010. Forza works with high-end private investors and previous investments include buildings in Brisbane, Fortitude Valley and Richmond and Carlton in Victoria.
55 Russell Street is a three-storey commercial building with basement car parking for 55 vehicles and a building area of 4,081 sqm. It has a 5-star NABERS rating and a site area of 2,153 sqm. The building is tenanted by Queensland Government departments and is not fully leased, partly accounting for its sale price.
Forza also owns a nearby four-storey commercial building at 10 Browning Street, South Brisbane; the company purchased it in 2016 for $65.5m. The four-storey building includes retail space and the Melbourne Hotel on the ground floor and three levels of office space above. The 2016 sale represented an initial yield of 8% on passing income of around $5.24 million.
South Brisbane is an exciting entertainment and educational precinct housing The Queensland Performing Arts Centre which is part of the Queensland Cultural Centre and is located on the corner of Melbourne Street and Grey Street in Brisbane’s South Bank precinct.
In news just in a shortlist has just been unveiled for a New QPAC Theatre.
The shortlist of firms competing to design the Queensland Performing Arts Centre’s (QPAC) new $150 million theatre has been revealed after an expressions of interest campaign.
The five shortlisted consultants will now go on to develop concept designs for the new 1500-seat theatre, with the successful applicant to be announced later this year.
The Palaszczuk government promised $125 million in the Queensland budget to a new theatre, with QPAC to contribute the remaining $25 million.
When realised, the new theatre will make QPAC Australia’s largest performing arts centre, with the potential to host an extra 300,000 visitors each year.
The tender evaluation committee was led by the Chair, Malcolm Middleton OAM, Queensland Government Architect.
“Today’s announcement of the shortlist marks another important step for the new venue, which will further Queensland’s artistic talent and increase our ability to tell unique and important stories for this and future generations,” Minister for the Arts Leeanne Enoch said.
The shortlist:
M3 Architecture/ARM Architecture
Richard Kirk Architects
Wilson Architects
Blight Rayner
Cox Architecture
“With QPAC nearing full capacity, this new theatre will ensure our state’s four home companies, including Queensland Ballet, Queensland Symphony Orchestra, Opera Queensland and Queensland Theatre, can continue to grow and will enable them to perform in front of audiences that will be double their usual size,” Premier Annastacia Palaszczuk said.
All submissions in the expressions of interest process were assessed by the tender evaluation committee against criterion including capability and capacity, relevant experience and local benefits.