Ten level Telstra exchange sold, set for redevelopment
Cbus Property has quietly bought Brisbane’s Edison Telephone Exchange, developed by the federal government in 1963.
Sold by Telstra in 2019 with a leaseback expiring next month, the 10-storey brick building at 280 Elizabeth Street (outlined, image, top), at the edge of the city’s ‘Golden Triangle’, is earmarked for a premium-grade office.
The vendor was Firmus Capital; the Singapore-based investment house paid the telco $57 million for the freehold – a 1681 square metre site zoned Principal Centre.
It was the group’s second asset in the city after paying Blackstone $129.1m in 2018 for an office at 127 Creek St.
Cbus is the property development and investment arm associated with the country’s construction industry superannuation sector.
Demolition to begin immediately
Cbus will begin demolishing the Edison exchange immediately after settlement.
It has appointed Hutchinson Builders – its development partner for premium grade offices in the city at 205 North Quay and 185 Wharf St, which is under construction.
An all-electric tower is planned; it is anticipated to receive 6-star Green Star and 5.5-star NABERS Energy ratings.
Completion is expected in mid-2030 when a Cbus statement said the supply of Premium grade office space is expected to be limited, two years ahead of the Olympic Games (continues below)
Timing: 2030
Chief executive officer, Chris Kakoufas, said a company focus is on delivering future-ready office assets in key markets.
“This acquisition will continue our track record of delivering exceptional developments that capture market uplift through advantaged timing and delivery excellence ahead of peak construction cycle conditions,” he added.
“What really sets this project apart is its broad occupier appeal,” according to the executive.
“Rather than relying on a single anchor tenant, 280 Elizabeth St has been envisioned as a flexible offering appealing to broader tenant segments with an activated ground plane and the calibre of amenity increasingly expected in premium workplace environments,” he said.
“In the city’s premier financial and commercial district, this site is anticipated to have strong long-term relevance and occupier appeal, reflecting our strategy to actively respond to evolving customer demand, flight-to-quality trends and Brisbane’s growing recognition as a global business destination”.
Cbus has also completed a residential complex in the city at 443 Queen St.
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