Forza Capital Lists Brisbane Office Block

Property investment group Forza Capital is listing its 10-storey office block asset in Brisbane’s CBD after a $13.5-million upgrade. The group will be hoping to capitalise on Brisbane’s constrained office supply to meet price expectations north of $60 million, with recent office occupancy data pointing to the resilience of the River City. Forza Capital acquired the building from Centuria in 2021 for $41 million and undertook a sustainability-focused renovation, which included a new solar array system, upgraded lifts, end-of-trip facilities and ground-floor changes. The building was upgraded to a 6-Star NABERS energy rating—one of six office assets to achieve this in Brisbane. Mike Walsh and Peter Court of newly established MP Commercial Group are managing the sales campaign, the fourth time the duo has listed this building. Walsh and Court have sold the asset three times in the past 14 years and will bring that intimate understanding of the asset and the Brisbane CBD market to this latest campaign. “We expect significant interest in the asset from domestic syndicators and high net-worth private investors,” Walsh said. “These investors will be drawn to the robust income profile in a market where income protection and strong cash flow remain a priority given financing costs may take time to temper and settle at longer-term mean levels.” MP Commercial partner Peter Court said there was strong investor confidence in the Brisbane office market and increased levels of inquiry across the sector. “With construction costs at all-time highs, the substantial capex program undertaken by Forza and best-in-class ESG credentials will be viewed favourably by the market,” he said. ▲ CBUS Property ’ s 205 North Quay focuses on health and wellbeing with open air terraces on each level, a 25m lap pool and childcare facilities. The property has a net lettable area of 7582sq m and is being sold with 100 per cent occupancy and a 3.9-year weighted average lease expiry, which could enable rental growth into the future. Constrained supply in Brisbane’s office market is keeping office vacancy levels at 10.2 per cent, well below the national average, according to the latest data from Property Council of Australia. Queensland executive director of the Property Council Jess Caire said Brisbane was facing a critical shortage of new office space in the medium to long term. There are just three office buildings due to come online in the next three years, according to Knight Frank partner of research and consulting Jennelle Wilson, who spoke at the Queensland Property Council breakfast recently. Wilson said Brisbane’s pre-commitment levels were far higher than any other market, which reflected the heavily constrained market. Charter Hall’s Carmel Hourigan said Brisbane’s office market was second on the shopping list for where funds were looking to deploy capital, after Sydney. “We’re getting into a much tighter market, we’re going to see vacancies at sub 10 per cent,” Hourigan said. “Overall when you look at the eastern seaboard, we’re pretty happy with the Sydney premium net absorption considering we are doing Chifley (second tower), but Brisbane is second when it comees to thinking about where capital should be spent. “We are getting to that inflection point where economic rents and market rents are at the same level. It’s just getting the capital … there’s an opportunity that we’re seeing to drag that capital back into Brisbane.” CBUS Property senior development manager Michelle Fitzgerald said the developer was also looking to the Brisbane market but finding sites that stacked up was a big hurdle in the current market. CBUS Property’s 205 North Quay office tower is due to complete this year, with a strong focus on amenities layered into the building’s design. Expressions of interest are open through to March 13.

Forza Capital Lists Brisbane Office Block

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