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University of Queensland Buys Historic Chambers Building for $47m

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The 130-year-old Chambers building and an adjoining eight-storey office building located in Brisbane’s golden triangle has changed hands for $47.4 million.

The University of Queensland snapped up the two Brisbane assets from a Primewest fund with plans to occupy both the historic building and boutique A-grade building as part of its CBD campus.

The Primewest fund purchased the buildings, at 308 Queen Street and 88 Creek Street in 2016 for $37.4 million from Unity Pacific Group. The assets were listed in August this year with the aim of hitting the $50 million mark.

Brisbane’s golden triangle has seen major assets in play amid demand in the Brisbane office market sector.

German funds giant Deka Immobilien is understood to be exploring 66 Eagle Street, a $370 million move.

While RG Property listed its 410 Queen Street office tower in September, with hopes of hitting north of $50 million for the asset.

Sydney-based development group Kyko Group purchased the 201 Charlotte Street office tower for $126.7 million in May.

The sandstone Chambers building transaction marks the third time the Italian Renaissance-inspired asset has changed hands in its 130-year history.

Primewest director David Schwartz said the assets had provided investors in the fund with strong cashflow and capital growth since the 2016 purchase.

Combined the buildings, which span 3,516sq m of office space and 985sq m of retail, currently return a net income of $3.32 million and sit at 98.5 per cent occupancy.

Primewest has more than $4 billion of assets under management across Australia and the USA's west coast.

The Chambers building was completed in 1885 and designed by Queensland colonial architect Francis Drummond Greville Stanley. It was also the long-time home of the National Australia Bank.

Related: Commercial Yields Continue to Tighten in Brisbane CBD Office Market

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Article originally posted at: https://theurbandeveloper.com/articles/university-of-queensland-buy-historic-chambers-building-474m