Alceon Group has acquired a prominent office building at 28 McGregor Street for $64 million from Charter Hall in a deal that highlights the suburb’s growing appeal to large-scale investors.
The six-story building, a familiar landmark in Upper Mount Gravatt since its construction in 1992, has been home to the Australian Taxation Office (ATO) for over three decades. The ATO continues to be the majority tenant.
Spanning 14,286 square meters and offering 405 car parking spaces, the building is a substantial commercial asset for the suburb. The property’s last refurbishment in 2018 has helped maintain its appeal to both tenants and investors.
Approximately 3,200 square meters of the building is currently vacant, and there are existing permit-ready plans for 179 apartments in two towers. This mixed-use potential could significantly impact the local skyline and contribute to the evolving urban landscape of Upper Mount Gravatt.
The sale price of $64 million, which aligns with the property’s book value, reflects the strong commercial real estate market in Upper Mount Gravatt. It also indicates investor confidence in the suburb’s future growth and development potential.
Published 18-July-2024