QIC to sell a $2 billion-plus portfolio of properties on Australia’s east coast

Fully leased to the Queensland government, 61 Mary Street, Brisbane, is estimated to be worth about $300 million. Image source: Google Street View, May 2017.

Queensland Investment Corporation is preparing to offer a portfolio of assets worth more than $2 billion on Australia’s east coast.

In Melbourne, the super fund wants to sell three towers (pictured, top) including the 52-level office formerly known as Nauru House at 80 Collins Street.

Two buildings under construction around 80 Collins Street including a 39-storey commercial building and a 300-room hotel leased to Singapore-based SilverNeedle, as well as a 5800 square metre podium-level retail complex, are also expected to be listed early next year, according to several news outlets.

Combined these assets, at the north-west corner of Exhibition Street, could return QIC about $1.8 billion if sold entirely (it is reported QIC might also be willing to sell a half-share of this portfolio)

In Brisbane, the “global diversified alternatives business” is offering 61 Mary Street (pictured, top left) – a 17-storey office fully occupied by the Queensland government.

This asset, speculated to be worth about $300 million, has undergone a $44 million refurbishment over recent years.

JLL’s Robert Sewell, Nick Rathgeber and Leigh Melbourne, with Savills Ian Hetherington, Ben Azar and James Girvan, are reportedly joint agents for the Melbourne properties. CBRE’s Tom Phipps, Bruce Baker and Flint Davidson and Knight Frank’s Justin Bond, Ben McGrath and Neil Brookes will market the Brisbane asset.

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Marc Pallisco

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