Silverstone buys historic Brisbane building
Silverstone has paid a speculated $18 million for Brisbane’s c1907 former Telecommunications House.
The six storey asset on 531 square metres at 283 Elizabeth Street was offloaded by private investors, husband and wife, John and Lorraine Corbett, who paid $9.4m over 12 years ago.
The vendors renamed it Corbett Chambers as part of a modernisation – a tip to architect Claude William Chambers, also behind the Teneriffe’s Woolstores.
It contains 1712 sqm of office space, leased to amongst other groups, JGL Properties, Alvia Asset Partners and Valmont.
A 409 sqm basement is rented to Italian restaurant and bar Corbett & Claude.
Silverstone, which invests and develops, intends to lease up a vacant component; the Weighted Average Lease Expiry is 2.8 years.
The asset will then be held long-term.
“We are very excited to purchase the property and add it to our growing commercial investment portfolio,” Silverstone managing director, Troy Daffy, said.
“The property is in an amazing location and will benefit from all the works that are about to occur in Eagle St,” according to the executive.
The company now holds six heritage listed assets, he added (story continues below).
The sale of 283 Elizabeth St comes 13 months since the City of Brisbane Investment Corporation offloaded the c1926 Gordon & Gotch building after four years and a renovation.
Trophy asset
Corbett Chambers was developed for the Commercial Travellers Association.
Knight Frank’s Blake Goddard, Matt Barker and Justin Bonds brokered the sale.
“It is such a beautifully presented heritage building, it was always going to appeal to high net-worth investors looking for a trophy asset,” Mr Goddard said.
“Although it was our view the likely purchaser was going to be a private, we did have interest from syndicate groups and smaller funds who appreciated the prime position of the asset along with strong occupancy history,” according to the executive.
Mr Barker added the property was well received despite having some vacancy.
“The new owners are confident that under the right conditions, the remaining vacancies can be filled reasonably quickly”.
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