This article is from the Australian Property Journal archive
CHARTER Hall has put three Brisbane CBD adjoining buildings, on separate titles, on the market, as confidence remains high in the city’s office market.
No.1 Brisbane which comprises three buildings, 217 George Street, 60 Queen Street and 231 George Street, were acquired by Charter Hall in July 2018 for $94 million. The 2018 transaction also included a development approval for an 81-storey residential tower scheme.
Bruce Baker, Peter Chapple and Tom Phipps from CBRE and Seb Turnbull and Paul Noonan from JLL will manage the sale campaign.
Located on the corner of George Street and southern end of the Queen Street Mall, the adjoining buildings are nestled amongst $13 billion of projects, including Queens Wharf, Cross River Rail, Brisbane Live and the Brisbane Metro.
During its ownership, Charter Hall brought up No.1 Brisbane’s occupancy by income around 90% and were in December 2020 were granted a development approval for a 34-storey commercial office and retail tower.
The DA is covers 24,490sqm of NLA office space and 2,150sqm of NLA ground floor and podium level prime retail space across four storeys, designed by architects Blight Rayner. In addition, the DA includes basement parking, with a 94 car and 213 bike capacity.
“Following the success of securing a new commercial DA for the site, the investors in the Partnership have decided to realise their investment,” said David Harrison, group CEO and managing director of Charter Hall.
This sale campaign comes after Charter Hall and Abacus Property Group’s acquisition of 241 Adelaide Street, Brisbane, for $63.5 million, as confidence in the Brisbane office market grows.
Reflecting this confidence, office occupancy in the city was at 64% at the end of February, comparative to Sydney’s 48% and Melbourne’s 24%.
Full year results, posted in February, showed Charter Hall had a $6.4 billion war chest for future acquisitions, after a year of spending and taking part in $6.2 billion of transactions.
