AIM s former Brisbane HQ sells for 7.1m

AIM’s former Brisbane HQ sells for $7.1mThe former Spring Hill office of the Australian Institute of Management attracted considerable interest from local and offshore buyers, underscoring the strength in Brisbane’s owner-occupier market.The property at 369 Boundary Street, which occupies a 1,456sqm site within walking distance of the CBD, was recently refurbished. The high-quality corporate office features 1,837 sqm of net lettable area.The sale equated to $3,865 per sqm of NLA and $4,876 per sqm of land area.The deal was negotiated by JLL national director of metro sales and investments, Christian Sandstrom, together with JLL senior executive, Sam Byrne.Sandstrom said the sale was evidence that the owner-occupier market was still “very much alive and well” in Brisbane, given the strong interest in the property from a range of buyers.The Presbyterian Church of Queensland purchased the property after seeking larger premises to accommodate expansion. While the site is zoned to allow building heights of up to three storeys, the draft Spring Hill neighhourhood plan accommodates up to 10 storeys.”The buyer was attracted to the property’s quality, large training rooms, ample car parking and likelihood for strong capital growth,” Sandstrom says.Spring Hill has seen a substantial rise in interest, Sandstrom says, due to the release of the draft Spring Hill plan and the refurbishment of the former Queensland Main Roads building which has been transformed into the Johnson Art Series Hotel.”Spring Hill has been host to other owner occupier sales including 41 Raff Street for $4.08m to a language college, and 400 Boundary Street to the Seventh Day Adventist Church for $9.35m,” Sandstrom says.JLL was also responsible for the recent sale of the Australian Institute of Management’s Gold Coast premises.