Interests associated with Bloomberg Incorporation Limited, the owner of Riparian Plaza, have snapped up one of Inner Brisbane’s most prominent and fully leased mixed-use assets for circa $55 million.
Featuring a 3.38* year WALE across two buildings including an A-grade office tower and retail annex, 1 Breakfast Creek Road, Newstead (“1BCR”) sits on a total site area of 5,981sqm* and offers substantial value add potential.
The sale was finalised by Jonathan O’Brien, Mike Walsh, Peter Court and Frederic Le Fanue of Cushman & Wakefield and Bruce Baker, Jack Morrison and Adelaide O'Brien of CBRE on behalf of a Gold Coast Private investor.
Designed by award winning architects Cox Rayner, 1 BCR offers 6,904sqm* of A-grade quality office, retail and services accommodation across five tower levels (plus basement) and a single level retail building. The complex has recently undergone upgrades including the reinvigoration of the ground floor amenity, new cafe and refreshment of landscaping.
Jonathan O’Brien of Cushman & Wakefield said the Newstead/Gasworks and Fortitude Valley combined precinct is a highly desirable and internationally recognised destination for both institutional capital as well as large corporate and multinational occupiers.
“The immediate precinct has enjoyed substantial institutional capital investment with over $2 billion in transactions occurring in the area over the last 5 years. And the precinct is well represented by an esteemed group of key domestic and international institutional groups such as Centuria, Charter Hall, Mirvac, Growthpoint, Cromwell, M&G, Arkadia, AMP, Abacus, DWS, Credit Suisse, ISPT and Lendlease” he said.
Jack Morrison of CBRE said land rich assets in marquee locations will always be well sought after and 1 BCR offers a hugely prominent inner city offering that will continue to attract quality corporate occupiers.
“This transaction follows the trend of private investors picking up high profile assets in inner-city Brisbane ahead of the anticipated growth of population and employment base. 1BCR offers both secure income and plenty of upside in one of Brisbane’s most affluent locations, which saw syndicators and private investors aggressively compete to secure the property.”” he said.