Cushman & Wakefield and CBRE have been jointly appointed by RG Property to sell the 14 storey office tower at 410 Queen Street in the Brisbane CBD with an expected price guide of in excess of $50 million.
The office building is located within the coveted ‘Golden Triangle’ financial precinct and comprises 5,704 sqm of high quality commercial accommodation with car parking for 46 vehicles. Since acquiring the asset in 2011, RG Property have undertaken a major capex works program totaling in excess of $5.5 million with the property now boasting a 5- star NABERS rating – a rarity for multi-let assets of this nature.
The asset occupies an irreplaceable corner position which benefits from exposure to three streets (Queen, Wharf and Eagle Streets) and boasts exceptional natural light to all tenancies with protected views across the Brisbane River and Story Bridge.
Cushman & Wakefield’s Mike Walsh and Peter Court, along with Tom Phipps, Peter Chapple and Jack Morrison of CBRE, have been appointed by RG Property to manage an International expressions of interest campaign commencing on the 23 September 2019.
The sale of the asset coincides with a rapidly improving Brisbane office market. According to Cushman & Wakefield research, investment into the Brisbane office market continues to increase with a total of $2.8 billion in investment recorded in the 2018/19 financial year – the highest annual volume since the GFC.
RG Property’s, Rhett Williams, said: “This investment has come towards the end of its desired 8-year cycle. We remain
acquisitive and are looking to re-allocate capital towards other value-add opportunities within the Brisbane market, in
addition to other projects we have around the country.”
Cushman & Wakefield’s Director of Middle Markets, Mike Walsh, said: “410 Queen Street is a truly rare opportunity to secure a trophy assetin the epicentre of the Brisbane CBD’s financial district which is highly sought after among both investors and tenants. As a result, we anticipate strong interest from a broad range of local and offshore investors.”
“With major upgrades completed since 2011, the property has experienced only minimal vacancies throughout its lifecycle and outperformed the broader market from a vacancy and income growth perspective. The property also provides a significant opportunity for investors to extract further short-term value.”
CBRE’s Senior Director, Capital Markets Office, Peter Chapple commented: “The fundamentals of the broader CBD office market in Brisbane are also increasingly robust, with the vacancy rates continuing to contract. The Brisbane leasing market is benefiting from continued strong population growth which is driving billions of dollars in infrastructure investment in and around the Brisbane CBD.”
“Given the enviable corner position and scarcity of available trophy office tower investments, we expect 410 Queen Street to be highly sought after, particularly from high net worth investors domiciled in Asia and Australia.” Mr Chapple added.
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