This article is from the Australian Property Journal archive
SILVERSTONE Developments has picked up another heritage-listed building, this time buying the Corbett Chambers building in Brisbane’s CBD for a figure believed to be around $18 million.
The 283 Elizabeth Street property was taken to the market in March with hopes of $20 million by Professor John Corbett and his wife Lorraine Corbett, shortly after the neighbouring Blue Tower was snapped up by Lendlease and Marquette Properties sold for $420 million.
The building was originally designed by prominent Brisbane architect Claude William Chambers for the Commercial Travellers Association (CTA) and completed in 1907. It was added to the Queensland Heritage Register in 2004.
The CTA sold the building to the Commonwealth in 1963. Renamed Telecommunications House, it was home to the Postmaster General’s marketing and commercial section until 1975, then Telecom until 1991.
The Corbett Family bought Telecommunications House in 2009 and embarked on a major works program that included its renaming to Corbett Chambers. The building is currently occupied by restaurant Corbett & Claude, JGL Properties, investment managers Alvia Asset Partners and commercial fit-out contractor Valmont.
“Our goal was always to respect, enhance and maintain the heritage features and appeal of this magnificent building. Long an important part of Brisbane’s history, it is now ideally placed to continue to flourish in the future,” said Lorraine Corbett.
The building has 2,121 sqm of commercial net lettable area, including 1,712 sqm of office space and 409 sqm of basement retail space, and sites a 551 sqm parcel.
“Silverstone now has six heritage listed assets and we are immensely passionate about retaining these beautiful buildings. Our strategy will be to fully lease the building and own it long-term,” said the buyer’s managing director Troy Daffy.
Knight Frank’s Blake Goddard, who sold the property with colleagues Matt Barker and Justin Bond, Matt Barker and Justin Bond Chambers attracted more than 60 enquiries, resulting in six offers.
“It is such a beautifully presented heritage building, it was always going to appeal to high-net-worth investors looking for a trophy asset,” he said.
“Although it was our view the likely purchaser was going to be a private, we did have interest from syndicate groups and smaller funds who appreciated the prime position of the asset along with strong occupancy history.”
Barker said that although it was sold with some vacancy, the building appeals to the most active leasing market being sub 500 sqm.
“The new owners are confident that under the right leasing conditions, the remaining vacancies can be filled reasonably quickly.”
