Abacus, Charter Hall outlay $63.5m for Brisbane office

The 19-level office opposite Anzac Square.

Abacus Property Group and Charter Hall are paying $63.5 million for a 19-level Brisbane CBD office.

The purchase of 241 Adelaide Street is in two parts.

The leasehold is costing $31.5m – book value – from Australian Unity Office Fund.

Brisbane Club will receive the balance for the freehold – a deal subject to a five year leaseback with a five year option.

Settlement is expected later this year.

Abacus managing director Steven Sewell and Charter Hall Group chief executive officer, David Harrison, said “the acquisition of this quality building in a prime location in Brisbane CBD is a great opportunity for the consortium to implement active asset management plans and capabilities to drive the returns from the asset”.

The property will be held by CHAB Office Trust – an entity owned by the consortium (story continues below).

241 Adelaide Street

Completed in 1988 and refurbished in 2012, the property, known as Brisbane Club Tower, contains 10,107 sqm of B-grade office area.

There are also 85 car parks in a four level basement.

The asset is opposite Anzac Square.

Its Weighted Average Lease Expiry by income is about two years.

CBRE’s Tom Phipps, Peter Chapple and Jack Morrison represented AU.

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco