This article is from the Australian Property Journal archive
TELSTRA has put the Edison Exchange site in Brisbane’s CBD to the market for the first time, in an historic listing nearly 140 years in the making.
Since 1880, the property at 280 Elizabeth Street has been operated as a telephone exchange, and has a 10-storey, 12,200 sqm commercial building that Telstra developed in 1963.
The sale and leaseback of the property is being marketed by Knight Frank with a new seven-year term and one-year option to Telstra.
Beyond then, the 1,675 sqm site in Brisbane’s Golden Triangle precinct is primed for redevelopment. It has three street frontages and a PC1 Principle Centre (City Centre) zoning that has no height restriction and paves the way for office, hotel, retail and residential.
Charter Hall, one of the major players in Brisbane’s CBD commercial transaction activity through 2018, picked up the Queens Street Mall site known as No. 1 Brisbane with an approved 81-storey tower scheme.
A major pipeline of infrastructure projects through the city, including the $3 billion Queen’s Wharf project that will transform 27.3 hectares of waterfront sites into a casino, resort and residential precinct; the planned $1.4 billion Eagle Street Pier overhaul, and the $5.4 billion Cross River Rail project are making the CBD a more attractive proposition.
Knight Frank data suggested interest from foreign investors has propelled annual sales figures in Brisbane upwards from the $366.9 million in 2015 to $1.75 billion of deals realised over the 12 months to September. CBRE data recorded $1.2 billion of sales in Brisbane through September quarter alone, second in the country only to Sydney.
The 280 Elizabeth Street site initially operated as part of Brisbane’s first telephone exchange, which opened in 1880, and 175 telephone services became available 24/7 in 1883. Operations were manual until 1929, when they were switched to an automated service.
Expressions of interest close February 28.
Australian Property Journal
