QBE to Sell City Building

Publicly listed QBE Insurance is expected to make more than $5 million from the sale of a Queen Street office it owner occupied.

The double story building, at the corner of Guildford Lane, will be sold with vacant possession. QBE Aviation had occupied the space for more than 15 years, however it has recently signed a new lease at 628 Bourke Street, close to the other QBE business lines.

CBRE agents Mark Wizel and Sebastian Drapac said they expects the city building to arouse interest from owner occupiers, investors and developers wanting to secure a high profile property at the northern corridor of the CBD. They are selling the property with Colliers International’s Matt Stagg.

QBE’s listing follows the sale of a vacant bluestone building 30 Guildford Lane which recently sold for $1.6 million, or about $6,000 per square metre. The neighbouring property at 32 – 34 Guildford Lane, sold for $2.1 million, or approximately $5.100 per square metre. Alexander Robertson handled those recent sales.

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