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HCK Sells 116 Adelaide Street Office Tower at Loss

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Malaysian-based HCK has taken a hit exiting the Brisbane market after selling its second office asset this year for around $30 million in Brisbane's CBD.

The sell-down comes at a loss having picked up the 116 Adelaide Street office property for $34.5 million in April 2013.

The 16 level building has 6,869sq m NLA and includes ground level, 15 upper levels of office space and a three-level basement. HCK recently carried out a refurbishment to the building’s amenities, foyer and office tenancies.

Colliers International’s Sam Biggins and Tony Wang managed the sale, which received seven offers, three of which the pair said were from offshore groups and local groups with offshore capital behind them.

Biggins said the property was previously marketed last year, “via another agent and failed to sell”, Biggins said.

“The end buyer was an Australian-based investor who was attracted to the value-add prospects of the asset such as the core CBD location, opportunity for further asset enhancement initiatives, and the ability to reposition the asset for lease within the rising B grade market,” Biggins said of the sale.

HCK’s divestment follows the off-market sale of 26 Wharf Street, a 12-story office building also in Brisbane CBD it had picked up in 2012. Brisbane investor Renweed Pty Ltd paid HCK $9.8 million for the property in April this year.

Taiwanese-backed developer Shayher Group is reportedly set to exchange contracts for QIC’s Q&A Centre, the 24-story 141 Queen Street and 10-storey 140 Elizabeth Street, in Brisbane’s CBD.

Fresh from buying up the 20-hectare Bulimba Barracks site in August, the Taiwanese-backed developer paid around $390 million for the two-tower Brisbane CBD asset.

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Article originally posted at: https://theurbandeveloper.com/articles/hck-sells-brisbane-cbd-office-asset-at-loss