This article is from the Australian Property Journal archive
THE City of Brisbane Investment Corporation (CBIC) has listed a boutique heritage CBD office building on the market after completing major refurbishments on the Brisbane site.
The office building at 262 Adelaide Street in the Brisbane CBD, the building is comprised of 2,237sqm of NLA, including 1,824 of corporate office space and 413sqm of retail space.
The City of Brisbane Investment Corporation has assigned Jack Morrison, Andrew Adnam and Peter Chapple from CBRE to manage the expressions of interest campaign.
The recently completed refurbishment sees the site fully restored, with new technology and office fitouts, upgrades to the foyer and new lifts, leaving the building fully accessible while maintaining its heritage qualities.
“With 262 Adelaide Street, CBIC was determined to preserve some of Brisbane’s CBD heritage, but we also needed to create spaces that suit how we work today,” said Kirsty Rourke, CEO of CBIC.
Currently at 100% occupancy, the office building houses key tenants such as Blackroc, Woods Bagot and on the ground floor features Greenstreat eatery.
“262 Adelaide Street offers high-quality office and retail space to suite a diverse range of industries, as proven by its current range of tenants,” said Chapple.
Built in 1927, the building is within close proximity of Central Station, Queen Street Mall and the Golden Triangle business precinct.
“It offers investors a major point of difference in providing the type of character office space that many businesses are seeking without the capital expenditure requirements of other similar assets,” added Chapple.
This property enters the market as confidence remains high in the Brisbane office market, defying rising office vacancies in the CBD, as Property Council Office Market Report, rates climbing from 12.9% to 13.6% in the six months to January 2021.
“At 100% occupancy, 262 Adelaide Street stands out as an exceptional leasing performer, with two-thirds of the building’s leases having been signed or reset in the past 12 months, despite challenging market conditions,” said Morrison.
“The building also offers some avenues for additional value creation, including the refurbishment and conversion of the lower ground retail space,” he added.
The expressions of interest campaign for 262 Adelaide Street closes March 25.
