Legal family in $30m property purge
A FAMILY well known in legal and property circles has put three rare buildings on the market in the Brisbane CBD with a total price tag of about $30 million.
The Jensen family through J-Corp Property Group is selling their George Street Collection comprised of 331, 376 and 450 George St, with a total land area of 1205sq m.
They are expected to sell for about $10 million each.
The Jensen name has been associated with legal practices in Ipswich and Brisbane.
They have also built up an award-winning property portfolio through buying worn out hotels and office buildings and then renovating them.
Colliers International's Tom O'Driscoll, who is marketing the properties with Hunter Higgins, said the Jensen family has owned the assets for 15-plus years and the portfolio presents a mix of fully leased, value-add/owner occupier and long-term development.
"These types of assets are typically generational investments; there are currently less than six corner comparable sized CBD assets left in the Brisbane CBD," he said.
"Just 18 of these assets have traded along George St Brisbane over the past 50 years, all of which have experienced significant capital growth."
Mr Higgins said George St has a rich history as the backbone of the CBD and the collection's position will directly benefit from the next success chapter thanks to billion-dollar landmark developments including the Queens Wharf Casino, new Roma and Albert St train stations and Brisbane Live.
"This is the first-time these assets have been offered for sale and presents an opportunity for an investor to finally enter the Brisbane CBD market at an extremely competitive price point.," he said.
Originally published as Legal family in $30m George St property purge