Nick Politis acquires another Brisbane retail investment
Sydney Roosters chairman Nick Politis has paid $29.75 million for a fully-leased Brisbane mixed-use investment.
The five-storey property at the corner of Albert and Elizabeth streets was offered by Haymarket’s Tivoli Theatres after 55 years.
Prior to a $10m repurposing in 2002, it was the Forum Theatre.
JLL’s Campbell Brown, Ned McKendry and Jacob Swan with Morrison Project Consulting’s Richard Morrison brokered the sale.
The price reflects a 4.16 per cent net passing yield.
162 Albert Street, Brisbane
The Principal Centre 1 zoned block, 162 Albert St, spreads 911 square metres.
The building contains 3164 sqm of lettable area (story continues below).
It was majority tenanted to Borders after its renovation.
When that business went into administration in 2011, Top Shop and Top Man moved in.
In 2018, JD Sports committed to about 65 per cent; ESRI Australia and Co Co Tea are co-tenants.
When the property was offered in April, the Weighted Average Lease Expiry was five years.
In 2015, Mr Politis, who holds a geographically diversified portfolio, paid $15.5m for the nearby Heckelmann’s Building at 171 Elizabeth St.
Two years ago, the businessman outlaid $11.2m for a Commercial 2 zoned property in Melbourne’s Hawthorn East.
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