GDI Property Group Limited
(ASX:GDI) has announced it has exchanged contracts on 307 Queen St, Brisbane, for $142.15 million.
The sale price is a premium to the latest independent valuation of $126.5 million.
GDI undertook an extensive refurbishment of the property since purchasing the building in 2013, and saw occupancy rise from 60 percent to 85 percent as a result.
Proceeds from the sale will be used to repay debt while the company reviews acquisition opportunities.
GDI Property Group Limited reported a net profit of $47.7 million at 30 June 2016.
