Property in Valley close to Boiling Point
According to property commentators, the recent sale of a commercial office tower in Fortitude Valley for $124.67 million brought the temperature of the local property market to near boiling point after setting a new record sale price.
The commercial office building, located on Ann Street, is associated with a huge redevelopment of the Brisbane precinct.
The price was a new high for land sale in the last year for a region near the city of Brisbane.
Another property at 825 Ann Street, across the street from a Mercedes Benz centre, was purchased by property market brokerage company Hines Global REIT, which is US-based.
The sale of 825 Ann Street for $100 million is significant as it represents the fifth property transaction of similar price calibre to happen in Fortitude Valley, according to Geoff McIntyre of Jones Lang LaSalle.
Fairfax media reported that the sale of 825 Ann Street will result in the continued construction of an 11-storey office block, and when finished it will comprise of a retail centre and 200 new apartments that will be situated between Ann and McLachlan Streets.