Virgin buys new Brisbane offices

Virgin Blue Holdings, Australia's second-biggest airline, agreed to pay A$61 million ($67.5 million) to buy a site in Brisbane for its new national headquarters.

Virgin agreed to buy the 9302sq m site from Sunland Group after outgrowing its offices in Queensland's capital.

Sunland expects development at the complex on the northern edge of the city's central business district to be completed in 2008, with three, three-storey office buildings and a net lettable area of 12,400sq m.

Sunland bought the site in late 2005 for A$8 million.