Abacus, Charter Hall divest parkside Brisbane office
Abacus Property Group and Charter Hall are selling a Brisbane office after two years.
The Brisbane Club Tower at 241 Adelaide Street is believed to be trading to Sydney based Aviator Capital for just over $70 million.
The sellers outlaid $63.5m in two parts – the leasehold cost $31.5m from Australian Unity with the balance paid to the Brisbane Club for the freehold.
Following settlement last year, it has been held by the pair’s CHAB Office Trust, with the plan to implement an asset management plan to boost the income.
It was offered for sale fully leased.
Abacus and Charter Hall, the latter with a 68 per cent interest, also control Sydney’s David Jones building, opposite Hyde Park, which cost $630m in 2019.
241 Adelaide Street
Over 19 floors, 241 Adelaide St, on the corner of Isles Lane, contains 10,107 square metres of A-grade lettable area and 85 basement car parks.
Its western boundary abuts Post Office Square.
The office is also diagonally adjacent to Anzac Square (story continues below).
CBRE’s Bruce Baker and Tom Phipps with JLL’s Paul Noonan and Seb Turnbull were the agents.
Aviator now controls six Queensland properties.
Aviator invests again in Queensland
The Brisbane Club deal comes 10 months since Aviator paid Kyko Group $50m for a 10 level office at 193 North Quay – its maiden Brisbane CBD asset.
In 2021, meanwhile, the fund manager outlaid $25m for the Ipswich’s ex-post office and an adjoining six level commercial building majority leased to Bendigo Bank.
Trilogy Funds was that seller.
Also two years ago, Aviator acquired Townsville’s Urban Corner – a supermarket converted office – for $17.05m, while in 2019, the fund manager snapped up a commercial building at Cannon Hill, five kilometres east of Brisbane, for $36.95m.
Its first Queensland property, the Highpoint Wellness Hub in the capital’s exclusive Ashgrove, which set it back $33m in 2017, was sold four years later to Elanor Investors Group for $51.9m.
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