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ISPT has acquired the 40,429 square metre tower located at 345 Queen Street for a purchase price of $385 million (excluding acquisition costs). The property has 34 upper levels and a 5 level annex building with separate entrance to Queen Street. Parking for 270 cars is provided over 4 basement levels.
The property has an average lease expiry profile of 5.4 years and is currently fully leased to quality tenants including AAMI, St George Bank, Macquarie Bank, Freehills and the Australian Taxation Office.
Chief Executive Officer of ISPT, Daryl Browning, said the transaction of the aptly named Central Plaza One was a unique opportunity.
“Central Plaza One is a timeless landmark asset in the heart of the golden triangle in Brisbane where the office market is going from strength to strength,” said Mr Browning.
“Competition was strong for the prime Central Plaza properties and our criteria favours active rather than passive investment, so Central Plaza One was most suited to our value adding style,” said Mr Browning.
Mr Browning said whilst the excesses of the late 80s are often remembered for all the wrong reasons, ironically this period gave rise to some of Australia’s best landmark office towers. Central Plaza One reflects a period when property was built to a ‘quality and not a price’.
“It is unlikely we will see such uncompromising attention to quality in the development of commercial buildings ever again,” said Mr Browning.
The purchase of Central Plaza One complements The ISPT Core Fund’s other Queensland commercial assets including Green Square 1 and 2 in Fortitude Valley which comprise 50,000 square metres of 5 and 6 star green star rated facilities; the 21,000 square metre, 100 Creek Street property which is the headquarters for the National Australia Bank in Queensland and currently undergoing a major refurbishment; and Wintergarden Hilton Hotel in Queen Street.
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