Marquette, QIC trade Brisbane office
QIC has sold one of six Queens Wharf properties acquired from the state government for $561.9m, in 2023.
The David Longland Building at 63 George Street (pictured, top) found favour with Marquette Property, for $52m.
With 10,596 square metres over 10 levels and 35 car parks it is leased to the state government until April, 2029.
The Department of Justice is an occupier.
The office quality is rated B-grade but it is energy efficient, carrying NABERS ratings of 5-star for energy and 4.5-star for water.
On 1750 sqm zoned PC1 (City Centre) in Brisbane’s public servant precinct – around the intersection of Charlotte, George and Mary streets – it was marketed or its development upside, surrounded by much taller buildings.
A tower up to 274m could be accommodated, CBRE’s Peter Chapple, Jack Morrison and Bruce Baker, said.
An alternative use including residential or a hotel could also be considered, they added.
Marquette doubles down
The deal comes four months since we reported Stadia Capital bought the half stake it didn’t control in nearby 83-85 George St, also known as the Capital Building, from Charter Hall.
Marquette meanwhile, late last year, announced it would team with Dexus to replace the 27-level Mineral House at 41 George St – next door to its latest asset – with student accommodation.
Marquette paid Al Rajhi Group c$120m for that office – also leased to the state government – last March.
“We are thrilled to have acquired this great property on a prime corner of the Brisbane CBD and adjoining our live PBSA project in a joint venture with Dexus,” managing director, Toby Lewis, said.
“Brisbane is our home, and we believe in our city. The Brisbane CBD needs more offices, hotels, apartments, PBSA and this property can help unlock these opportunities and assist with the city’s transformation in the lead up to the 2032 Olympics,” he added.
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