171-181 Robertson St, Fortitude Valley sold in a $32m deal.
A high-profile engineer has paid $32m for Brisbane’s prized ‘Robertson on James’ site after fierce competition from Australia’s wealthiest investors.
It’s understood James and Bianca Durack, civil engineers who founded Durack Civil and Boldstone, a Brisbane-based land development and community-building company, are the buyers, following a competitive marketing campaign run by Tom Barr of Ray White Commercial Queensland.
171-181 Robertson St, Fortitude Valley.
171-181 Robertson Street, Fortitude Valley.
Positioned in the heart of the renowned James Street precinct, 171-181 Robertson St, Fortitude Valley attracted 170 buyer enquiries predominantly from high-net-worth private investors and developers.
“To achieve a sale price over $30 million for this site reinforces the strength and attraction of the James Street precinct,” Mr Barr said.
“The area is recognised as one of Australia’s most tightly held retail and lifestyle precincts, protected by extremely high barriers to entry and complemented by the highest quality surrounding development.”
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171-181 Robertson Street, Fortitude Valley.
Located diagonally opposite the highly acclaimed five-star Calile Hotel and 1km from Brisbane’s CBD, the 1,651 sqm site features two commercial buildings that are 100 per cent leased generating a net income of $1,175,245.35 per annum.
The property has no existing development application or approval, however the existing tenancy profile of the property allows for vacant possession of the site to be obtained in 2028.
“The property offers multiple opportunities for the new owner, including development of a luxury project, residential, hotel, commercial, mixed-use or land bank, with the opportunity to realise strong positive rental reversion over the next few years as the existing leases expire,” Mr Barr said.
171-181 Robertson Street, Fortitude Valley.
Mr Barr said the campaign received attention from some of Australia’s wealthiest individuals and many high-profile luxury property developers from Sydney and Melbourne, highlighting the precinct’s appeal and high barrier to entry.
“This sale represents a rare changing of the guard for a highly coveted ownership group within the James Street retail precinct, which has largely consisted of the same owners since the precinct’s inception” Mr Barr said.