Alceon, Mirvac trade $124 Brisbane office
Alceon has struck a $124 million deal for Mirvac’s 410 Ann Street office complex in Brisbane.
An upgrade of the two-tower property is planned.
The deal includes the adjoining Cathedral Square car park, giving Alceon control of an office and parking complex on the northern edge of Brisbane’s CBD.
The price reflects a fully leased yield of 11 per cent.
410 Ann Street
410 Ann St contains c20,379 square metres across two towers on a 4052 sqm site with 139 car parks.
The complex is about 90 per cent leased, with a four-year weighted average lease expiry. Tenants include the Public Trustee of Queensland, First Parking, Mipac, Sonic Healthplus and Dye & Durham (continues below).
Alceon plans to refurbish the lobbies, common areas and vacant floors, targeting a B-plus standard. Almost half the office space is due for lease renewal in 2028 and 2029, giving the buyer an opportunity to reset rents as leases expire.
The neighbouring Cathedral Square car park has 572 bays on 8949 sqm.
The lease there runs until April 2108.
CBRE’s Peter Chapple and Bruce Baker with JLL’s Paul Noonan and Jack Sullivan were the agents.
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