The Hour Glass sells Brisbane building
Luxury retail giant The Hour Glass has sold one of its Brisbane CBD properties.
The two level, 500 square metre building at 201 Elizabeth Street collected $9 million from another Singapore based retailer – but in fragrances – expected to move in.
The result reflects a five per cent yield.
“Brisbane is seeing significant investor interest following the formal announcement of the 2032 Brisbane Olympic venues in March this year,” CBRE’s Nick Wedge, who brokered the deal with Angus Windred, said.
“Additionally, as rents continue to grow and we enter a decreasing interest rate environment, investors are backing Brisbane for the long term,” he added.
“The property presented an excellent opportunity for future owner occupiers and HNW investors,” according to the executive.
“The building is in a great location being directly opposite ISPT’s Wintergarden redevelopment and the recently announced Intercontinental Hotel refurbishment.
“The building also directly adjoins Brisbane’s premier timepiece and luxury corner being within immediate proximity to Cartier, Hermes, The Hour Glass (Patek Philippe & Rolex retailer), Montblanc, Canali, Omega, Tudor and Tag Heuer to name a few.
“The building has short terms remaining on most of the existing leases with no options meaning the tenancy profile can be reset or was suitable for future owner occupation”.
The sale comes three years since we reported THG purchased a collection of Brisbane CBD retail buildings from Dexus, outlaying $82m.
The group, which controls brands including Breguet, Bvlgari and Tag Heuer, also owns Sydney and Melbourne retail assets.
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