This article is from the Australian Property Journal archive
PRIMEWEST has sold Brisbane CBD’s iconic Chambers building and an adjoining eight level office tower to the University of Queensland for $47.4 million.
Built in 1885 and on the Queensland and Brisbane heritage lists, the long-term home of NAB at 308 Queen St and 88 Creek St was acquired in 2016 by the Western Australia-based group for $37.4 million from Pacific Unity.
The University will occupy the buildings as a component of its CBD campus. Primewest has proposed controversial structural changes to enhance access from the ground floor from Creek St and to introduce new retail space, cafés and bars, remove the heritage windows on the Creek St façade, and creating a new entrance in place of a central section of the Creek St wall, a lower brick wall and wrought ironwork.
NAB had owned the Italian Renaissance-inspired sandstone building until the mid-2000s, and the A-grade “The Tower” at 88 Creek St was completed in 2008.
Passing annual net income is $3,325,595 and the asset has a 3.5 Star NABERS Energy Rating. The properties have a combined building area of 4,578 sqm and include popular nightspot The Gresham.
One of only four institutional grade commercial character buildings in the Brisbane CBD, Chambers was the centrepiece of a heritage trading scheme that saw its development potential denied by its heritage listing transferred to range of other sites, including the 443 Queen St tower and 87 Edward St.
