Brisbane CBD office sale – realestatesource

SUNCORP is reported to be close to selling a Brisbane CBD office building known locally as “the Wedding Cake” because of its layered design.

The 18-level, 16,340 square metre office at 36 Wickham Terrace is understood to be “under contract” for about $65 million.

The sale, to a private investor, is part of a plan by Suncorp to consolidate ten office locations in Brisbane, to two. In Brisbane, Suncorp is reportedly in the market for between 27,000 sqm and 30,000 sq m of new space to occupy by the end of 2013.

Queensland

Stockland Sells Half Share Interest in Two Brisbane Assets

May 23, 2011 Marc Pallisco Brisbane CBD office sale, Brisbane retail sale, Future Fund, Stockland

STOCKLAND Capital Parters, which is responsible for the Stockland Direct Office Trust No 1 (SDOT1) has sold a 50 per cent stake in Brisbane’s Waterfront Place project for $216.4 million.

The Sydney-based developer will also sell 50 per cent of the entity owning the adjacent Eagle Street Pier project to the Melbourne based Future Fund for $16 million, on the basis o f a completed refurbishment.

Stockland will retain a 50 per cent interest in both projects according to an announcement made today (copied below).

The Waterfront place office rises 36 levels and fronts the Brisbane River. Eagle Street Pier is a low-rise 6,200 square metre shopping centre which is currently being refurbished. The sale price for this asset translates to 7 per cent. Sale price coming soon…

Queensland

Credit Suisse May Pay Grocon $170 Million For Brisbane Site

April 27, 2011 Marc Pallisco Brisbane CBD office sale

MELBOURNE-based developer Grocon is reportedly close to selling a Brisbane office building for about $170 million.

Credit Suisse Asset Management has made an offer for the 55 Elizabeth Street property according to the AFR. The sale includes an as-yet-unfinished 20,000 square metre office, which will be leased to the Australian Taxation Office.

Queensland

Charter Hall, Telstra Super Pay $300 Million For Brisbane Square Office

October 31, 2010 Marc Pallisco Brisbane CBD office sale, Brisbane Square, charter hall, institution, Telstra, Westscheme

THE Brisbane Square office building has sold for $300 million to a consortium including Charter Hall Group’s wholesale Core Plus Office Fund, and Telstra Super.

The duo purchased the asset from WA super group Westscheme.

Measuring 57,300 square metres, the A-grade office sale is due to settle by mid November.

A Charter Hall statement is copied below:

Queensland

Stockland Considering Selling Brisbane’s Waterfront Place Office as a Whole

October 15, 2010 Marc Pallisco Brisbane CBD office sale, Stockland

SYDNEY based developer and fund manager Stockland is reportedly considering to sell all of its Waterfront Place office building in Brisbane, after failing to offload a half share since April.

The 36-level building with lower level retail has become tired, and institutional purchasers were said to be turned off by the idea of redeveloping the office and retail components, with a joint venture partner.

Queensland

Canberra Raiders Reportedly Buying Brisbane CBD Office For $26 Million

September 16, 2010 Marc Pallisco Brisbane CBD office sale

RUGBY League club the Canberra Raiders is reportedly looking at buying a Brisbane office building for $26 million.

The club, which has been looking for a major commercial property asset to suit its long term strategy, recently paid $4.5 million for an office in the inner-northern suburb of Milton.

It’s latest reported acquisition, at 10 Felix Street, includes a 10-level office building. It is being sold by property investor Kevin Seymour, whose company the Seymour Group is also in the process of offloading the 3.5 hectare Milton Tennis Centre site to the Brisbane City Council.

Queensland

GDI Property Group Pays $34.25 Million For Brisbane CBD Office

February 15, 2010 Marc Pallisco Brisbane CBD office sale, GDI Property Group, Heathley Diversified Property Fund

FUND manager GDI Property Group has paid $34.25 million for Brisbane’s 10 Market Street office building.

The 6853 square metre office is in the Brisbane CBD’s “golden triangle”, and its 30 tenants enjoy Brisbane River views from most windows – which will preserve rents.

The building was offloaded by the Heathley Diversified Property Fund, which paid $23.7 million for the office in 2003.

Queensland

K-REIT Pays Charter Hall $166 Million For Half Share in Brisbane Office

February 16, 2010 Marc Pallisco Brisbane CBD office sale, charter hall, institution, international buyer, K-REIT

A SINGAPORE based real estate trust has paid $166 million for a half share in a major Brisbane office building.

Queensland

Trinity Sells 400 Queen Street, Brisbane, For $15.75 Million

October 6, 2009 Marc Pallisco Brisbane CBD office sale, institution

TRINITY Limited has sold Brisbane’s 400 Queen Street office in Brisbane for $15.75 million.

In a statement to the Australian Stock Exchange yesterday, Trinity confirmed it offloaded the 13-level, 3,989 square metre building, which it acquired in April 2007.

“400 Queen Street formed part of an amalgamated group of four adjoining commercial buildings owned by TERF [Trinity Enhanced Return Fund], which are well positioned within the ‘golden triangle’ of the Brisbane CBD”, Trinity said. “The sale follows the divestment of 410 Queen Street for $23.8 million and 20 South Wharf for $5.5 million earlier this year.

Queensland

Mirvac Sells 180 Queen Street, Brisbane CBD, For $22 Million

September 7, 2009 Marc Pallisco Brisbane CBD office sale, institution

QUEENSLAND developer Kevin Seymour has paid $22 million for Brisbane’s Country Road building, at 180 Queen Street.

The heritage listed building was offloaded by the Mirvac PFA Diversified Property Trust, which purchased the asset in October 2005. It was last valued on Mirvac’s website in June 2007, at $25.5 million.

The 9-level building once accommodated a banking chamber. The property is on the northern end of the Queen Street Mall between David Jones and the Broadway on the Mall shopping centre. It is also opposite the Wintergarden and Hilton Complex.

Queensland

CBIC Spends $22 Million on Brisbane CBD Office Building

August 3, 2009 Marc Pallisco Brisbane CBD office sale, office tenant move

THE controversial new City of Brisbane Investment Corporation has made its first foray into commercial property, paying $22 million for the Brisbane CBD’s 157 Ann Street office building.

The former Flight Centre building measures 6,000 square metres, and was reported to have been last valued in March at $30.1 million. CBIC will lease the building to the Council, while City Hall undergoes a $30 million refurbishment, due for completion in about 2013.