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.
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.