Goldman Sachs, Hines bank premium from Brisbane office
Goldman Sachs and Hines have divested Brisbane’s ex-Westpac headquarters after four years.
The pair is banking $140 million for the 24 storey, A-grade office, 260 Queen Street.
Jellinbah East Coast Mine founder Sam Chong is the buyer.
CBRE’s Tom Phipps and Bruce Baker with JLL’s Seb Turnbull and Paul Noonan were the agents.
260 Queen Street
Goldman Sachs and Hines paid Sydney-to-Hobart sailor Peter Harburg c$95m for 260 Queen St – later undertaking a $17.2m refurbishment.
Just over 90 per cent of the 13,765 square metres of lettable area was occupied when it was listed in September.
WeWork is the biggest tenant, renting a third.
The Weighted Average Lease Expiry is 6.4 years.
On 1384 sqm, with its eastern boundary facing Post Office Square, the asset has longer term development upside – be it as a new build or by extending the top 20 levels which sit over a podium (story continues below).
Busy quarter for deals
The Sam Chong deal concludes a busy quarter for Brisbane CBD office sales.
Last month, Nippon Telegraph & Telephone Service paid JP Morgan Asset Management a speculated $300m for a half-stake in 53 Albert St, while Real Asset Management acquired 333 Ann St, from Growthpoint, for $141.1m.
Yak Yong Quek’s Shakespeare Property Group also invested in the city, outlaying c$66m for a 15 level office on 1052 sqm at 500 Queen St.
In October, Marquette Properties picked up one of seven buildings in Southbank.
That deal, worth $104.4m, was with Mirvac, which constructed the asset in 2005.
Also two months ago, Quanta Asset Management spent $39m for the 14 storey ex-Flight Centre headquarters at 157 Ann St.
Anton Capital was that seller.
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