- Vantage have acquired their first office asset in Brisbane, located in Teneriffe
- The former woolstore was built in the 1940s and since converted into a commercial office building
- The office space carries a diverse range of tenants, including long-time occupant Nova 106.9
Marking the Melbourne-based company’s first venture outside of Victoria, Vantage Property Investments has acquired a heritage office building in Brisbane for over $28 million.
The property investor seeks to expand operations to the Sunshine Coast and has taken the first step by securing the Willoughby and Co. Woolstores building at 130 Commercial Road, Teneriffe.
The building offers 4,097sqm of office and retail space against the backdrop of one of Brisbane’s most affluent inner-city suburbs.
The property last changed hands in 2018 when it was acquired by an unlisted fund managed by Centuria Capital Group subsidiary Primewest, for just above $19 million.
Character-filled commercial space
The old woolstore was built for Willoughby and Co. Importers and Investors in the 1940s. It has since been transformed into commercial space, a rarity for the asset type as most woolstores in the area underwent residential conversion.
CBRE agents Jack Morrison and Adelaide O’Brien partnered with Cushman and Wakefield’s Mike Walsh, Peter Court and Frederic Le Fanue to broker the landmark deal.
Vantage Property Investments’ Managing Director Matt Spring said the investor was attracted to the old woolstore’s character and believes the asset will draw great demand.
“Vantage has some exciting plans for the property that we believe will add significant value for our investors, really harnessing the heritage attributes and identity of the building.”
Matt Spring, Vantage
Vantage’s Director of Acquisitions and Investments Paul Henley added that the Brisbane office market has shifted towards quality spaces in key locations.
“The Brisbane near-city Teneriffe Urban Renewal precinct is one of the most desirable areas with the riverfront suburb being amenity-rich and within walking distance of the CBD.
“It is a location Vantage expects will continually grow and thrive in a city we believe has an extremely strong future,” said Mr Henley.
The property is currently tenanted by a diverse mix of occupants, including Nova 106.9 and Screen Queensland.