This article is from the Australian Property Journal archive
INVESTA has put the 27-level tower home to health insurer Bupa to the market with hopes of $200 million, as momentum in Brisbane’s CBD office market gathers pace.
Developed in 2009, 179 Turbot Street is strategically positioned within Brisbane’s “uptown precinct”. It has 24,904 sqm of net lettable area with 1,267 sqm floor plates, 185 car bays and a 5 Star NABERS Energy Rating.
Anchored tenant Bupa has a lease in place until September 2025.
The sale campaign is being managed by Justin Bond, Ben Schubert and Neil Brookes. Knight Frank for the property’s investment manager Investa. Expressions of interest close 27th May.
Bond said the Brisbane CBD office market had experienced a substantial increase in activity this year, with around $650 million of property either under contract or on the market.
“Investors are increasingly attracted to our city due to its value and stability, and this particular property is one of the most significant core-plus opportunities along the eastern seaboard, with the ability to immediately commence a proactive leasing strategy,” he said.
The offering comes in the week following Abacus Property Group and the Public Trustee of Queensland making a 100% interest in the 23-level 444 Queen Street tower available for the first time. It contains 13,968 sqm of net lettable area, on a 1,708 sqm site within the Golden Triangle precinct.
The market has been boosted by Brisbane-based Marquette Properties’ acquisition of 10 Eagle Street for $285 million from Dexus and Canada’s CPP Investment Board, and the AsheMorgan’s $210 million purchase of 310 Ann Street a fortnight earlier.
310 Ann Street was acquired on an initial yield of circa 5.5%. Rebuilt in 2017, it was offered with a 7.6 year WALE.
The 34-level, 27,800 sqm A-grade tower at 10 Eagle Street sold 92% occupied, on a 5.4% cap rate, and with a 2.9-year WALE.
Expressions of interest for Charter Hall’s No.1 Brisbane offering, which comprises three buildings, 217 George Street, 60 Queen Street and 231 George Street, closed yesterday.
Total turnover for the year in the investment market was at just $607.6 million, the lowest level since 2008 and 2009 following the GFC.
