This article is from the Australian Property Journal archive
JOHANNESBURG Stock Exchange-listed Investec Australia Property Fund has joined forces with Abacus Property Group to buy 324 Queen St in Brisbane’s Golden Triangle for $132 million excluding transaction costs.
The JV have acquired the ANZ Centre from Brookfield and Dexus Wholesale Property Fund.
The property was put on the market in June this year and it was expected to fetch approximately $150 million.
Constructed in 1975, the premier office building was substantially refurbished in 2001.
Located within Brisbane’s prime Golden Triangle, the 26-storey building comprises 19,700 sqm of lettable area, ground floor retail including the ANZ Bank Chamber, three podium floors, and two levels of basement car parking for 98 vehicles, set on a 1,821 sqm site.
Under the agreement, Abacus and IAPF will equally own the asset.
The property is currently approximately 80% occupied to ANZ, Allianz Australia and North Queensland Bulk Ports Corporate and has a lease expiry profile of 3.2 years.
“We are very pleased to acquire this asset and create a new investment partnership with Investec. The asset offers excellent fundamentals in a prime location with exciting opportunities in a complex office market. We and our co-owner see real potential to drive returns through strong leasing and tenanting strategies,” Abacus Property Group CEO Frank Wolf, said.
Knight Frank’s Justin Bond and JLL’s Luke Billiau handled the transaction.
Abacus has recently cashed up after it sold a warehouse at 39-41 Browns Road Clayton for $51.5 million after buying it three years ago for $19.55 million.
This latest acquisition has increased IAPF’s total portfolio to over $580 million. The acquisitive South African fund’s most recent purchase was of an office and warehouse complex at113 Wicks Rd Macquarie Park in Sydney’s north-west for $23.255 million in June.
Australian Property Journal
