The University of Queensland has purchased a large office block in Toowong, formerly Allianz offices, easing pressures on its St Lucia campus during a five-year capital works program.
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The 74 High Street property in the heart of Toowong is bordered by the rail line, and has 4000 square metres of net lettable area.
A high foot and vehicle traffic area, the High Street office block sits on 1827 square metres and has a 43-car basement parking area.
The property sale was negotiated by Knight Frank targeting local and interstate buyers.
"Numerous offers were received at the close of the campaign with particular strong interest from a number of local companies wishing to acquire the property for their own occupation given the cost advantage compared to leasing their premises," Christian Sandstrom from Knight Frank said.
"Ultimately the successful purchaser was The University of Queensland. UQ chose this property given its close proximity to its St Lucia campus.
"The purchase rate of $4356 per square metre of NLA (net lettable area) is competitive to a number of recent transactions of similar near-city assets."
UQ property and facilities director Steve Dickson said the property would go toward the university's space needs during a five-year capital works program at St Lucia.
“Its close proximity to St Lucia with good transport links will ensure that it remains a strategic part of our estate planning into the future,” he said.
Insurance company Allianz had occupied the building for 15 years but moved out in January.
Knight Frank's Matt Barker said Toowong was a high-demand suburb for commercial offices and the area had good potential for redevelopment.
