Perri Projects banks $52.6 million offloading Brisbane CBD office

An investment vehicle controlled by Melbourne-based Perri Projects has sold a Brisbane CBD office for $52.6 million.

The 16-level building at 179 North Quay, opposite Brisbane River, is trading to an offshore group which is a new entrant to the Brisbane market.

The office is located in the city’s burgeoning “North Quarter”.

More than $11 billion worth of major projects are currently underway within 500 metres of the site including the $3 billion Queen’s Wharf Brisbane complex, which is transforming a 27.3 hectare waterfront block into a casino and resort with apartments.

Dexus’ Eagle Street Pier, the Cross-River Rail project and Brisbane Live precinct, are also in the vicinity.

Artist’s impression of the $3 billion Queen’s Wharf Brisbane.

Since 2017, more than $850 million has been spent on North Quarter property. Blackstone and Charter Hall are amongst the major players to have recently acquired sites in the area.

Savills’ Peter Chapple, Anthony Ott and Jack Morrison launched an international expressions of interest campaign for 179 North Quay last August.

The investment includes 8525 square metres of lettable area, with an average floor plate of 587 sqm, and sits on an approximate 1316 sqm block.

Tenants include Maurice Blackburn Lawyers, Schlumberger Australia and the Queensland government. The building offers uninterrupted views of Southbank and surrounds.

“Savills and Perri Projects have experienced ongoing leasing success on the asset, which has historically attracted strong government and corporate tenants,” Mr Ott said when the agency launched the sales campaign.

“With the Cross River infrastructure project commencing, Brisbane Quarter development nearing completion and the Queen’s Wharf precinct well underway, we are set to see this sector of the CBD transformed,” the broker added.

The building (circled) offers views over the Brisbane River.

Eight months ago, EG Funds Management spent $46.2 million on an office at 95 North Quay, for its High Income Sustainable Office Trust. Also with views over the Brisbane river, this building rises 17-storeys and includes 8417 sqm of area.

Last November, QIC Global Real Estate sold a 17-storey Brisbane CBD asset at 61 Mary Street for $275 million to Charter Hall Direct Office Fund. This tower includes 28,749 sqm of office area, floorplates of up to 3050 sqm and recently underwent a $44 million renovation.

Marc Pallisco

A freelance property writer and analyst, Marc is a co-founder of realestatesource.com.au.

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