Nick Politis sells heritage Brisbane building
Nick Politis has sold Brisbane’s historic Heckelmanns building after nearly 10 years.
The Sydney Roosters chairman is banking $19.4 million for 171 Elizabeth Street, from National Retail Group, founded and backed by Chemist Warehouse founders, and which has in recent years been one of the country’s most active strip retail investors.
The property will be held by several family offices.
Mr Politis paid $15.5m in February, 2016.
The disposal comes a week since we reported a company he owns half of, SEQ Hospitality Group, sold South Brisbane’s Plough Inn Hotel to Redcape Hospitality.
The executive retains a five level retail based mixed use investment in town – the former Forum Theatre at the corner of Albert and Elizabeth streets – acquired for $29.75m in 2021.
NRG is backed by, amongst other Chemist Warehouse backers, Sam Gance and Mario Verrocchi
NRG doubles down in town
Over four levels, with 2310 square metres, 171 Elizabeth St was built between 1884-1891 for tinsmith Joseph Heckelmann.
Penned by Andrew Giovanni Stombuco, it was between 1951-1963 owned by the Commonwealth Bank of Australia, which also subdivided it as two.
One strata then sold to tennis champions Rod Laver and Ken Rosewall.
The property was later re-stapled.
It was added to the Queensland Heritage Register in 1992.
NRG plans to repurpose it as swank offices.
The deal comes a fortnight since we reported the group paid $10.85m for a heritage building in Adelaide’s Rundle Mall, also to revamp.
“It feels like we’re just getting started”, chief executive officer, Michael Spektor, said.
“We are a privately held business and employ our own capital, which gives us a competitive advantage in the sector, enabling us to acquire and enhance community assets immediately upon purchase,” he added.
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