QIC sells Brisbane CBD office for $275 million

QIC Global Real Estate has sold an office in Brisbane’s Central Business District to Charter Hall Direct Office Fund for $275 million.

The 17-storey building at 61 Mary Street (pictured, top) recently underwent a $44 million renovation.

Within the core of the city’s government precinct, the 28,749 square metre building with 253 car parks is fully leased to the Department of Transport until 2029.

Knight Frank’s Justin Bond, Ben McGrath and Neil Brookes, with CBRE’s Tom Phipps, Bruce Baker and Flint Davidson were the marketing agents.

The agents said the building offers one of the biggest floor plates for a Brisbane CBD office – between 1525 sqm and 2030 sqm. It occupies a 3646 square metre site within a hundred metres of both the Queens Wharf precinct and proposed Cross River Rail project.

QIC acquired this building in 2013 when it paid $562 million for a portfolio of seven government assets.

In August we reported that QIC was readying to sell three buildings in the Melbourne CBD, worth a speculated $1.8 billion.

This week, we reported that Charter Hall has paid $118.5 million for two government-leased industrial assets – in Sydney and Melbourne. The fund manager also sold two retail assets on Australia’s east coast for $76.1 million. Last week Charter Hall paid $140 million for an office at 555 Collins Street in the Melbourne CBD, opposite the landmark Rialto Towers.

Marc Pallisco

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

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