Wealthy property developer Ross Nielson is selling a Brisbane city office building which could be turned into more than 300 apartments if a new town plan approves larger height limits.
The building at 433 Boundary Street, Spring Hill could sell for more than $25 million. This follows several similar transactions in which major investors have purchased office buildings for the purpose of redeveloping them into apartments.
Cbus Property purchased an office building with a pre-approved apartment development for $14.6 million. That development could see a new residential tower of up to 30 storeys. Property entrepreneur Will Deague acquired the 10-storey Mains Road building also on Boundary Road from the state government for $22 million. He is converting it to an Art Series Hotel, while an offshore buyer is closing in on the nearby Federal Police building at 207 Wharf Street which could have a 20-storey residential tower approved.
CBRE’s Mike Walsh and Peter Court have been appointed exclusive selling agents for the Nielson property.
The 6000-square-metre building is over three levels and has a weighted average lease expiry of 2.4 years. This gives the potential buyer an income of about $2.7 million per year as they work through development plans.