Wallum Partners has sold two commercial office buildings in Brisbane’s inner-city suburb of Milton for $46.6 million after purchasing the property for $26 million in 2019. 

Located at 159 Coronation Drive and 5 Cribb Street, the property was situated on a 3,624 sqm riverfront site in a highly connected near-city office precinct. 

The two A-grade buildings were fully leased to eight global, national, and local tenants, providing a weighted average lease expiry (WALE) of more than 4.5 years. 

A Brisbane-based private investor bought the property, which had been recently refurbished through an extensive capital expenditure program. 

The property also adjoined Milton Green, which was endorsed by Shayher following its $400 million acquisition earlier in 2022.   

CBRE said it was the third major middle markets office transaction in Brisbane to be sold to a private investor in the past month. 

CBRE agents Jack Morrison and Adelaide O’Brien brokered the deal for the vendor.   

Morrison said the wave of activity in the first half of 2022 demonstrated that quality property in Brisbane was highly contested, particularly assets with stable income profiles and significant land holdings.  

“Assets such as 159 Coronation Drive Milton will always be attractive to both the occupier and investor market in Brisbane,” Morrison said.  

O’Brien said in a market where the cost of construction materials had increased significantly, assets that had recently undergone extensive capital works programs provided a safeguard against additional cost outlays and were positioned to capitalise on future rental growth.  

“The refurbishment Wallum Partners conducted on 159 Coronation Drive stands out as best in class, as is evident by the buildings’ success in attracting top tier firms and a sophisticated Brisbane Private investor to purchase the asset,” O’Brien said.  

Earlier this month, Silverstone bought the heritage-listed Corbett Chambers building in Brisbane’s CBD from Professor John Corbett and Lorraine Corbett. 

Other Brisbane office deals include RF Corval’s sale of an A-grade office at 365 Macarthur Avenue property in Hamilton to a Sydney-based private investor for $46.5 million last month.  

In May, Cromwell Property Group sold its head office building in Brisbane’s CBD to investment house Wingate for $108.5 million, while Southern Cross Group purchased the recently-built office building in Eight Mile Plains from Alceon for $19.735 million.