ICONIC DEVELOPMENT SITE (DA APPROVED) OR VALUE-ADD INVESTMENT OPPORTUNITY

240 Sandgate Road, Albion, Queensland 4010

Office For Sale

Expressions of Interest. EOI Date 15 Nov 2018
Land Area: 11,345.00 m2.    Floor Area: 7,322.00 m2.    

Description

A rare opportunity to create an iconic mixed-use development in one of Brisbane’s affluent inner-northern suburbs. An alternate value-add investment opportunity exists to reposition the existing office building and then either sell off, develop, or land bank the surplus site area.

• Underutilised 11,345m² ‘Catalyst Site’ with three street frontages and exceptional views.
• Existing 7,322m² NLA office building with efficient ~820m² NLA floor plates and 259 car parking spaces (ratio 1:28m²). 0 star NABERS Energy rating.
• Secure holding income with 100% leaseback to Tabcorp Holdings Limited (ASX: TAH) until 31 December 2020. Commencing Net Income $3,166,612 p.a.
• Set to benefit from the proposed $750M Albion Train Station Precinct Redevelopment, recently announced by the Queensland Government.
• Development Approval for 3 towers of 15 storeys and 1 tower of 20 storeys to be developed on the property. Concept plans for 712 residential units, 2,131.7m² of retail space, and a 2,000m²+ public plaza (STCA).
• Potential to be developed in stages that may incorporate the repositioning or redevelopment of the existing office building.
• Outstanding Public Transport connectivity and surrounding amenity.

Features

  • Underutilised 11,345m² ‘Catalyst Site’
  • 7,322m² NLA office building
  • 259 car parking spaces (ratio 1:28m²)
  • 100% leaseback to Tabcorp to 31 Dec 20
  • Development Approval for 4 towers

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