Brisbane Olympic precinct office park with approval for 641 apartments hits market

Render of what could be built at 527 Gregory Terrace, Fortitude Valley. An inner-city Brisbane office park generating $3m annually could soon become 641 Olympic-precinct apartments – and agents say few sites like it exist anywhere in the country. The 7,003sq m site at 527 Gregory Terrace, Fortitude Valley includes two commercial office buildings with a net lettable area of 7,375sq m and 175 car parks. It currently has an 80 per cent occupancy rate with a net annual income at $3.09m and a potential fully leased net annual income of $4.12m. ‘Terrace Office Park’ at 527 Gregory Terrace, Fortitude Valley. The office complex, which changed hands in 2019 for $34m, is anchored by a range of businesses including Kapsch TrafficCom Australia, Bega Dairy and Drinks Services and Agri Labour Australia. Colliers Queensland agents Troy Linnane, Brendan Hogan, Sam Arkell and Marshall Smith are marketing the site, linked to Perpetual Corporate Trust Limited, via an expressions of interest campaign. Colliers Residential development sites director Troy Linnane said the property’s position within the heart of the Olympic precinct will be a major drawcard for developers. “This is a genuine front-row se...