A four-storey retail and office building on a thriving 24-hour retail corner in Brisbane’s Queen Street Mall has been put on the block with expectations it could fetch up to $100 million.
Owned by Melbourne’s wealthy Smorgon family the 3,771sq m 130 Queen Street asset’s listing was prompted by a number of off-market approaches.
The Smorgon’s have owned the prime retail asset for nearly 30 years, with the building occupying a prominent spot on Australia’s busiest retail mall.
Home to Queensland hairdressing magnate Stefan’s popular Jo Jo’s restaurant since 1978, the owners signed a 10-year lease with McDonalds last year. The building generates a fully-leased annual net income of $4.5 million with a weighted average lease expiry of five years.
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JLL Queensland director of retail investments Sam Hatcher, along with JLL colleagues Seb Turnbull, Jacob Swan and Luke Billiau, have been appointed to handle the expressions of interest sale.
“Anchored by the largest McDonalds in the southern hemisphere, Forever New and Suncorp Bank, 130 Queen is strategically located in the heart of Brisbane’s 24/7 vibrant shopping and lifestyle precinct,” Hatcher said.
The already bustling Queen Street Mall is set to get even busier with the recently announced Roma Street Cross River Rail station and $2 billion Brisbane Live set to progress after the demolition of the ageing transit centre was announced by the Palaszczuk government on Monday.
The Queen Street Mall was listed in the top 50 most expensive malls globally, coming in at number 32 out of a list of nearly 500 malls around the world. More than 26 million people walk past the property each year.
The 130 Queen Street asset has potential for future flagship retail development over multiple levels with a preliminary scheme prepared by Blight Rayner.
The building is being marketed via an expressions of interest campaign closing Thursday 26 July.