The building, which was 80 per cent occupied when purchased by Ariadne last year, has benefited from the company’s repositioning of the occupancy and renegotiated a new partnership with Care Park.
The state government’s police services also took out the remaining space in the tower’s office at a weighted average lease expiry of 6.3 years.
Ariadne expects that net profit before tax would be $17.6m-$19.6m, down on the previous year’s $76.9m profit that was bolstered by a $67.1m gain on selling Secure Parking.
Ariadne will collect $14.8 million in net proceeds from its share, to be included in its 2018 fiscal year result.
JLL’s Geoff McIntyre, Seb Turnbull and Luke Billiau brokered the deal which is scheduled to settle at the end of August.
Brisbane’s office market is currently enjoying the positive effects of an economic turnaround coupled with a flurry of investment activity.
Almost $2 billion worth transactions taking place in the city’s office markets last financial year.
Last week, Mirvac agreed to sell 50 per cent of its 80 Ann Street Brisbane CBD tower to British fund manager M&G Property’s Asian property fund for $418 million on a 5 per cent cap rate.