Chinatown Mall car park and offices snapped up for $64m

A BRISBANE-based private investor has beaten a host of Australian and offshore buyers to snap up a car park, retail and office complex in the heart of Fortitude Valley.

The car park at 31 Duncan St, Fortitude Valley. Picture: Google Maps

A BRISBANE-based private investor has beaten a host of Australian and offshore buyers to snap up a car park, retail and office complex in the heart of Fortitude Valley.

Tribune Properties, headed by Earl Lamar, paid $64 million for the property at 31 Duncan St after expressions of interest were canvassed via CBRE and JLL.

The campaign attracted more than 200 inquiries from a diverse capital base, and the deal realised a 6.58 per cent yield.

The property has a car park for 464 vehicles, 4126sq m of office/retail accommodation and redevelopment potential of up to 30 levels.

It was previously owned by private wealth manager AsheMorgan, which bought it last year as part of the larger Valley Heart property portfolio that straddles both sides of the Chinatown Mall.

Since then the property has undergone an extensive refurbishment and repositioning program.

JLL’s Luke Billiau, who struck the deal with colleague Seb Turnbull and CBRE’s Tom Phipps and Peter Court, said the campaign had produced multiple offers from domestic and offshore groups.

“What attracted them was the flexibility of the redevelopment potential of the site,” he said.

The property is 94 per cent leased and was sold on an average weighted lease expiry of almost nine years.

Mr Lamar recently sold an A-grade South Bank office tower at 199 Grey St for $92.6 million to AMP Capital for its unlisted Wholesale Australian Property Fund.