Telstra sells Brisbane CBD’s Edison Telephone Exchange for $57 million

Singapore-based investment company Firmus Capital has acquired a Brisbane CBD asset for $57 million.

Within the city’s revered Golden Triangle, the 1670 square metre site at 280 Elizabeth Street includes a 10,600 sqm nine-storey building which vendor Telstra offered with a leaseback expiring in mid-2026.

“A multitude” of future uses including commercial, residential and a hotel was promoted by Knight Frank’s Justin Bond and Matt Barker as potential development outcomes once Telstra vacates.

Charter Keck Cramer, which is headquartered in Melbourne, like Telstra, was the transaction advisor.

The deal values each square metre of land at $34,122.

Based on the rental Telstra is paying ($3,180,600 per annum), the property, known as the Edison Telephone Exchange, is trading on a 5.9 per cent yield.

The acquisition comes two years after Firmus Capital paid $130 million for another Brisbane asset at nearby 127 Creek Street.

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Marc Pallisco

Marc Pallisco

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

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