This article is from the Australian Property Journal archive
DB Real Estate Australia has bought a 50% stake in the ANZ Centre in Brisbane’s CBD for $65 million.
Owner Malaysian property group Selangor Properties, through its Australian subsidiary SPB Developments Pty Ltd has sold the property to the Deutsche Wholesale Property Fund – an unlisted, open-ended property fund with total assets of approximately $1.5 billion.
Located at 324 Queen Street, Brisbane, the B-Grade building comprises a refurbished retail and commercial building situated on a site of 1,820 sqm on the northern corner of Queen and Creek Streets.
The 25 level building has net lettable area of 20,418 sqm with 1,042 sqm of ground level retail accommodation and 19,376 sqm of office accommodation and 98 basement parking bays.
The building is 100% leased to ANZ and has an average weighted lease duration of 3.5 years.
The current gross annual income and net annual income of the building amount to $9.61 million and $7.97 million respectively.
The building was originally constructed in 1975 and after an extensive refurbishment was completed in 2001 at a cost of approximately AUD18.1 million.
SPBD has 50% equity interest in the property and the balance 50% interest is owned by Multiplex.
SPBD acquired the property in December 1999 for $38.9 million.
SPBD said the proceeds from the sale will be used for the repayment of bank borrowings, working capital and financing its subsidiaries.
By Nelson Yap
