Perth-based investor RG Property has listed a prime office tower in Brisbane CBD’s financial district with price expectations north of $50 million.
The 410 Queen Street office tower is located in Brisbane’s sought after Golden Triangle, bordered by Eagle, Queen and Edwards Street and holds river and Story Bridge views.
RG Property bought the 14-storey corner property in 2011 before spending more than $5.5 million upgrading it.
The building comprises 5,704sq m of high-quality commercial accommodation and car parking for 46 vehicles while also boasting a 5-star NABERS rating.
The Brisbane investment had come towards the end of its desired 8-year cycle, RG Property chief executive Rhett Williams said.
“We remain acquisitive and are looking to re-allocate capital towards other value-add opportunities within the Brisbane market, in addition to other projects we have around the country.”
Investment into the Brisbane office market continues to increase with a total of $2.8 billion in investment recorded in the 2018/19 financial year — the highest annual volume since the GFC, according to Cushman & Wakefield’s Mike Walsh.
Walsh is selling the property with Peter Court along with CBRE’s Tom Phipps, Peter Chapple and Jack Morrison.
“The fundamentals of the broader CBD office market in Brisbane are also increasingly robust, with the vacancy rates continuing to contract.”
The Brisbane leasing market is benefiting from continued strong population growth which is driving billions of dollars in infrastructure investment in and around the Brisbane CBD.”
Estimated sales in Brisbane's CBD market for the first half of this year are already on track to exceed the total volume of sales in 2018, according to research from Colliers International.
The value of settled sales sits at circa $1.2 billion for the first half of 2019, with Australian institutional investors dominating the bulk of transactions.
Interestingly the mining and resources sector, the federal government and co-working operators have been the main sectors driving healthy levels of demand within the city's central business district.
Demand holds firm across the market, driven by activity from diversified tenants looking for contiguous high-quality office space, relocating within the CBD area or from suburban locations to the city.
