This article is from the Australian Property Journal archive
WITH price expectation in excess of $20 million, a B-grade office building in Brisbane’s Golden Triangle is up for grabs, following the sale of neighbouring assets the Blue Tower & The Annex.
Located at 283 Elizabeth Street, the five-level office asset known as Corbett Chambers is being put to market by a private family trust.
Justin Bond, Blake Goddard and Matt Barker from Knight Frank will manage the sale of the building via an expressions of interest campaign.
“This asset is perfectly suited for buyers wanting to own a part of Brisbane’s history, while taking advantage of the growth to come in Brisbane,” said Bond.
Built in 1907 and named for its designer, the renowned Brisbane architect Claude William Chambers, the 551sqm high exposure site boasts 2,121sqm of commercial NLA, with 1,712sqm of office space and 409sqm of basement retail space.
“The city has a $45 billion infrastructure pipeline and sustained economic and population growth, which will only be strengthened by the upcoming Olympics in 2032,” added Bond.
“With an income profile anchored by a mix of national and local tenants, Corbett Chambers offers excellent medium-term security with timely exposure to Brisbane’s growth trajectory, with the opportunity for future income growth through fixed rental reviews.”
The Elizabeth Street property also includes a WALE of 2.79 years, including major tenants Corbett and Claude, JGL Properties, Alvia Asset Partners and Valmont.
“It is situated in one of Brisbane’s premier locations within close proximity to the Brisbane River, Howard Smith Wharves, Eagle Street and Queen Street Mall providing a multitude of restaurants, bars, cafes and retail shops,” said Goddard.
The property recently benefitted from capital works on the basement and laneway that providing greater connectivity between the recently sold Annex building retail.
“The asset is in an in-demand Brisbane CBD location, surrounded by landmark office towers, in an area of the highest quality institutional real estate,” added Goddard.
In addition to the Annex site, Corbett Chambers adjoins the Blue Tower site, which was also recently sold by Knight Frank and CBRE.
The expressions of interest campaign for 283 Elizabeth Street is set to close at 28 April 2022.
