Pidgeon family offloads another office

The Adelaide Street office was constructed in 2007.

A European investor represented by UBS is paying the Pidgeon family $85 million for a 10-level Brisbane CBD office.

The off-market deal for 299 Adelaide Street reflects a 5.25 per cent capitalisation rate.

CBRE’s Bruce Baker and Peter Chapple with JLL’s Seb Turnbull and Paul Noonan were the agents.

The sale requires Foreign Investment Review Board approval.

299 Adelaide Street

The vendor constructed 299 Adelaide St in 2007 on a 1200 square metre site acquired for $3.5m 11 years earlier.

The asset contains 9000 sqm of A-grade office area, a ground floor café and double storey basement with renovated end-of-trip facilities, 47 car parks and 60 bike racks (story continues below).

Border Control and the Department of Immigration are the key office tenants.

About 15pc – 1340 sqm – is for lease.

The deal comes five months since the Pidgeon family sold nearby 20 Ann St – the former Suncorp headquarters – for $210m to AsheMorgan.

In June we reported Dmann Corporation was paying Abacus and the Public Trustees of Queensland $50m for 444 Queen St.

Also that month the City of Brisbane Investment Corporation banked $18.8m for the historic Gordon & Gotch building at 262 Adelaide St.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of