This article is from the Australian Property Journal archive
QUADRA Pacific is looking to sell off a pair of Brisbane CBD trophy office assets, to repatriate capital to Canada for other prospects after spending more than $25 million in refurbishments on the buildings.
JLL’s Seb Turnbull and Luke Billiau are marketing 133 Mary Street and 288 Edward Street in one line or individually via expressions of interest closing August 30.
It marks the first time in 25 years both assets have been offered for sale.
The modern 133 Mary Street building has 15 levels of office space, ground floor retail and basement car park, and a net lettable area of 12,903 sqm.
Five blocks uptown, the 29-level 288 Edward Street building of 19,975 sqm also has ground floor retail and basement parking, and offers a value-add opportunity opposite Brisbane’s Central Station.
“Both properties are truly unique and competitive in their offering, with exceptional investment fundamentals including central and connected locations, large site areas and a combined $26million invested in major repositioning and upgrade works over recent years,” Billiau said.
Turnbull said the buildings are perfectly positioned central to infrastructure projects, the $3 billion Queen’s Wharf casino precinct, the Brisbane Live precincts and Dexus’ Waterfront Place.
They will also benefit from the proposed Cross River Rail Albert Street Station, located in direct proximity.
Last week, an Ariadne joint venture sold off its 11-storey 40 Tank Street commercial office tower to Charter Hall Long WALE REIT and the Charter Hall Direct PFA Fund for $93.0 million, having paid $56.1 million to Blackstone’s 151 Property Group in April last year.
Blackstone had picked up the asset in 2013 as part of a seven-property office portfolio from GE Capital Real Estate.
It comprises five levels of car parking, operating as Care Park, ground-floor retail spaces and foyer, and 5,906 sqm of office accommodation across five levels, fully leased to the Queensland state government for Queensland Police Services.
JPMorgan Asset Management recently bought the 22-level building at 53 Albert St in Brisbane’s CBD from financial services firm Challenger, at a figure believed to be north of $250 million, and Mirvac secured Asia Pacific core fund M&G Real Estate as a 50% joint venture partner for its $836 million 80 Ann St tower.
Texas-based Hines is believed to be looking to sell two Fortitude Valley assets, on the city fringe, as part of a four-asset portfolio worth more than $650 million.
It includes the six-storey A-grade building at 100 Brookes St, which it bought in 2012 for $66.5 million, and the 11-storey 825 Ann Street, home to Macquarie Bank and Laing O’Rourke, for which it paid $124.67 million in 2013.
Australian Property Journal
