Another Melbourne investor buys Brisbane office
Yak Yong Quek’s Shakespeare Property Group is continuing a major spending spree, this time with a $66 million Brisbane CBD office.
The 15 level building on 1052 square metres at 500 Queen Street, on the south west corner of Adelaide, was offered by GWC Property which outlaid $26.7m in 2012 and recently completed a renovation.
It contains 7017 sqm of A-grade space – some 37 per cent (2619 sqm) which is for lease.
There are also 53 basement car parks.
CBRE’s Jack Morrison, Peter Chapple and Bruce Baker were the agents.
The deal comes six months since Melbourne based Shakespeare paid $114m for Gold Coast’s Palazzo Versace complex.
Counter-cyclical investor
Despite the rising interest rate backdrop, Shakespeare, which has a sister company, Prime Value Asset Management, has been an active investor this year.
As well as 500 Queen St, the group is speculated to be buying 8 Nicholson St, near Parliament House, in Melbourne, for c$245m from Dexus.
In September, we reported Mr Quek was paying the Balnaves family c$140m for Domain House, in Sydney’s Macquarie St.
Also in that city, at Darlinghurst, Shakespeare recently picked up Reservoir on Crown, a three level office and retail building, for $111.6m.
That seller was LaSalle Asset Management (story continues below).
Another Brisbane office sale
This quarter has been particularly busy for Brisbane CBD office sales.
Yesterday, we reported Real Asset Management outlaid $141.1m – reflecting a 7.03pc yield – for 333 Ann St.
Last month, Quanta Investment Funds paid $39m for the former Flight Centre headquarters, at 157 Ann St.
Also in October, Mirvac offloaded a Southbank commercial building for $104.4m.
That purchaser was Marquette Properties, which in February, backed by Lendlease’s $1.5 billion Real Estate Partners 4, acquired 12 Creek St, in the city, for a headline $420m, and last April snapped up 10 Eagle St from Dexus for $285m.
Earlier this year, Cromwell banked $108.5m for an office it part occupied as its headquarters, at 200 Mary St.
That buyer was Wingate.
Forza Capital meanwhile swooped on two Brisbane offices between 2020-2021 – 200 Creek St and 340 Adelaide St.
Forza, like Wingate and Shakespeare, is Melbourne based.
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