JLL Queensland's Elliott O'Shea and Sam Byrne have successfully sold Urban Corner at 71 Stanley Street in Townsville for $17 million on behalf of a private investor.
"Urban Corner was purchased by the Queensland-based Aviator Capital prior to the commencement of an on-market campaign," said JLL's Elliott O'Shea.
Previously a Coles-anchored neighbourhood shopping centre, Urban Corner underwent a significant $6 million repositioning program in 2018, converting it from a retail focus, to a 3,654sqm single-level office asset," he said.
"Subsequent lease deals with GHD Engineers and Manpower have underpinned the demand for high quality office space in the area."
Situated on a prominent island site of 4,538sqm, Urban Corner provides unique retail fundamentals along with high-quality office improvements, with a highly attractive 113 undercover car parks over a single level basement providing a point of difference in the market.
The deal marks the third transaction in the region by JLL in 2021, with the total exchanged sales volume in excess of $70 million and a further $25 million in assets currently under contract.
Mr O'Shea continued, "The Urban Corner transaction is another example of the liquidity in our regional markets for the right product. There remains high levels of unsatisfied capital still looking within these markets for value that cannot be found currently in metropolitan areas."
Aviator Capital's Andrew Glen said, "Townsville is an exciting regional market which we believe will benefit from significant infrastructure and investment programs over the medium term."
"Aviator Capital continues to grow our funds-under-management with Urban Corner representing the newest addition to our portfolio of commercial assets," Mr Glen said.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.
