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.
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.
Subscribe to our newsletter at the bottom of this page.