Ex-Southern Cross Austereo site sold for a loss

A Charter Hall and QuadReal proposal at 309 North Quay.

Charter Hall and QuadReal have taken a hit on a riverside Brisbane CBD site bought three years ago with major development plans.

Brisbane River views from 309 North Quay.

The former Southern Cross Austereo headquarters at 309 North Quay is selling to Brisbane-based Taiwan backed Shayher Group for $46 million.

The pair paid Melbourne’s Kador Group c$65m; the asset contains 14,049 square metres in several buildings, amongst them a self storage centre and three storey cream brick warehouse converted office.

Upon settling, Charter Hall and QuadReal lodged two commercial development applications:  for a single 50,000 sqm skyscraper with 2700 sqm floorplates, or two buildings, with 36,000 sqm and 23,000 sqm.

In October, 2021, the project was one of seven shortlisted by the City of Brisbane for its replacement headquarters – a plan which didn’t proceed (the local government was seeking 30,000-35,000 sqm for some 3000 staff, ahead of leases expiring in 2026 and 2027).

The c6400 sqm site falls within the Roma Street Urban Renewal Priority Development Area, which includes the Roma Cross River River train station.

New plan expected

Twenty five year old Shayher holds a significant local development portfolio including Brisbane Quarter where it recently completed a 82 level luxury apartment building and 32 floor, 312 key W Brisbane hotel (story continues below).

Shayher bought the Milton Green business park (middle) in 2021.

In town it also controls a 29 storey office at the corner of Queen and Albert streets.

At Milton Green – near its headquarters – it paid AMP Capital Diversified Fund and Dexus $426.5m in 2021 for a six building, 51,000 sqm business park on four hectares.

Shayher also owns Redlands’ Capalaba Shopping Centre.

Outside of Queensland it holds office investments in Sydney and part of the ex-Pentridge Prison, in Melbourne’s north Coburg, making way for residential.

JLL’s Seb Turnbull acted for Charter Hall and Canada based QuadReal.

The North Quay property accommodated Triple M and Hit 105 studios.

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Marc Pallisco

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