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Peter Harburg Sells $150m Brisbane Office Portfolio

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Driven by the desire to spend more time sailing, famous Australian yachtsman Peter Harburg has listed two major Brisbane office towers, with price expectations around the $150 million mark.

The Sydney to Hobart-race veteran has announced that he will sell his company’s last two remaining Brisbane CBD assets.

The properties include 260 Queen Street and 95 North Quay, which are set to be sold by CBRE as individual packages or as a single portfolio.

260 Queen Street has a net lettable area of around 13,300sq m and offers 1,000sq m podium floor plates over 20-storeys. A prime retail amenity is located on the ground floor, the majority of which is occupied by Westpac as a retail banking chambers.

Westpac has been the anchor tenant since the building was constructed, occupying 65 per cent of the building.

Related reading: Brisbane’s Office Market a Viable Alternative

Peter Harburg

Quay Central at 95 North Quay is located in Brisbane’s legal precinct, offering an A-grade NLA of 8,710 square metres predominantly occupied by barristers and legal professionals.

The building is currently 58 per cent occupied but could present potential investors with an opportunity to “re-set” the asset to capitalise on Brisbane’s improving occupier market.

“A well-researched consensus is that Brisbane offers net effective rental growth going forward over the next five years, with Brisbane having become the second fastest growing white-collar employment market in the country,” CBRE’s Bruce Baker said.

Related reading: Mirvac Ditches Student Accommodation for Ann St Office Tower

“2017 was a very active year for the Brisbane office investment market, with new investors and foreign capital attracted by the comparatively attractive yield spread to Sydney and Melbourne,” Baker said.

Harburg has bought and sold numerous office assets in Brisbane over the years, including the 50 Ann Street tower acquired by Singaporean fund manager Trust Capital Advisors.

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Article originally posted at: https://theurbandeveloper.com/articles/peter-harburg-sells-150m-brisbane-office-portfolio