THE URBAN DEVELOPER
The high-net-worth Jensen family have put their $30 million George Street “collection” on the market for the first time.
The three freehold buildings at 331, 376 and 450 George Street, Brisbane have been listed for J-Corp Property Group via an expressions of interest campaign.
Along with development sites on the Gold Coast, Brisbane and Ipswich, the Jensen family also has investments in child care and student accommodation in Queensland.
Colliers Tom O’Driscoll said each asset was expected to go for $10 million and together they represented a total land area of 1,205sq m.
“These types of assets are typically generational investments; there are currently less than six corner, comparable-sized assets left in the Brisbane CBD,” O’Driscoll said.
“Just 18 of these assets have traded along George Street Brisbane over the past 50 years, all of which have experienced significant capital growth.”
The so-called George Street Collection is located near the Queens Wharf Casino, Roma and Albert Street train stations and Brisbane Live development.
George Street has been the site of major property development plans recently with plans for Brisbane’s narrowest commercial tower approved at the corner of Ann Street last year.
While Cbus Property and local developer Nielson Properties lodged plans for a $600 million, 37-storey commercial skyscraper nearby.
The three freehold buildings neighbour a 35-level tower snapped up by Cromwell Property Group for $525 million recently.
Source: 14 July 2020 – https://theurbandeveloper.com/articles/generational-george-street-collection-hits-market