Spring Hill on the rise as investment revival ramps up on Brisbane CBD doorstep

Investment activity is ramping up and a renaissance beckons for inner-city Spring Hill on the Brisbane CBD doorstep.

Sam Byrne and Tim Jones from JLL at 67 St Paul's Tce, Spring Hill. Picture: Attila Csaszar

A BOUTIQUE office building has changed hands as investment activity ramps up and a renaissance beckons for inner-city Spring Hill on the Brisbane CBD doorstep.

United House — a seven-level office asset at 67 St Pauls Tce — has been acquired by property fund manager Triumph Investment Group in a $6.5 million deal.

It is planning a major refurbishment to reposition the 3336sq m building, including new external cladding, internal base building and facility upgrades, a new end-of-trip facility, breakout space and adjoining shared conference/meeting centre.

The addition of a cafe/eatery tenancy at street level is also proposed to improve the amenity of the building for its future occupants.

JLL’s Sam Byrne, who negotiated the deal with colleagues Tim Jones and Andrew Havig, said a new neighbourhood plan, the opening of The Johnson art-themed hotel and the proposed Brisbane Live entertainment precinct development had renewed interest in Spring Hill.

“We’re now finally seeing some investment in the precinct, which has typically been ignored,” he said.

“There’s a bit of a buzz about it and we expect the investment activity to strengthen throughout 2019 as its exciting growth trajectory continues.”

Artist's impression of planned refurbishment of United House at Spring Hill.

Mr Jones said value-add investors, in particular, were looking to capitalise on the suburb’s value proposition relative to other near-city office precincts.

“And with continued momentum in the office leasing and owner-occupier markets, we are seeing strong interest in Spring Hill from both local and interstate buyer groups,” he said.

Previously occupied by engineering giant UGL, along with multiple other professional tenants, United House was acquired vacant possession.

It comprises eight separate strata-titled lots held in one-line with floor-plate sizes ranging from 347sq m to 607sq m, along with 49 parking spaces over two basement levels.

Brisbane-based Triumph Investment Group, headed by Mark Brodie and Mark Mazurkiewicz, has been operating for the past three years. Until now, it has primarily focused on acquiring industrial and service station assets across Queensland. This is the fund’s first office acquisition.

Mr Byrne said Triumph’s purchase and refurbishment of United House was a sign of things to come in Spring Hill and “there’s going to be a lot more of it”.