A prominent office tower in Brisbane’s legal and government precinct has gone on the market with price expectations in excess of $300 million.
The financial services giant JP Morgan has moved quickly to offload their asset at 53 Albert Street, which has been on its books since early 2019 after acquiring it for $250 million from Challenger.
Challenger bought the prime-grade building in 2014 for $200 million from a syndicate operated by local accountant Earl Larmar.
The Nettletontribe-designed building occupies a 2300sq m corner site fronting Albert and Margaret streets and was completed in 2009 by Hutchinson Builders for $70 million.
Before its redevelopment, the site was a nine-level, 580-space car park.
The 19,000sq m building now spans 22 storeys with a car park in its lower levels.
The building features a central core, 1470 sq m, column-free floorplates and views towards the Brisbane River and Botanic Gardens.
It is fully occupied by the Queensland government on a lease running through to January 2028.
CBRE’s Bruce Baker, Flint Davidson and Stuart McCann have been appointed to manage the sales campaign.
Baker said that limited opportunities around the country to acquire 100 per cent stakes in prime-grade CBD office towers would mean strong interest from onshore and offshore capital.
“The asset has been occupied since inception by the state government, which recently re-committed to an additional six-year term, highlighting the tenant’s strong commitment to the strategic asset and location,” he said.
The tower is 450m from Parliament House and 1 William Street, and opposite the new Albert Street station being built as part of the Cross River Rail network.
The building has a 5.5 Star NABERS Energy Rating and a 4.5 NABERS Water Rating.
During the pandemic, investment has tilted towards sustainable buildings with a huge wave of capital seeking assets in the Asia Pacific and Australia providing quality and assurance for tenants.
According to Knight Frank, offices with NABERS energy ratings of up to 4.5 stars are worth an average of 8 per cent more than unrated buildings on a per square metre basis while those rated between five and six stars have attracted an 18 per cent premium in recent years.
Brisbane’s office market was among Australia’s most active last year.
The biggest transaction was the $285 million Marquette Properties paid for 10 Eagle Street while Charter Hall Prime Office Fund paid $264 million for 50 per cent of 275 George Street and AsheMorgan bought 310 Ann for $210 million.
Article Source: www.theurbandeveloper.com
$130 million Wynnum CBD apartment development proposed
The Brisbane-based property developer, HamBros, led by local developer Justin Ham, has lodged plans for a 27-level mixed-use development in the heart of Wynnum.
Ora, which will spread across a 7,278 sqm site at 74 Charlotte Street and 89 Bay Terrace, will be built behind the existing Wynnum Shopping Centre.
Ora, meaning ‘edge’ in Latin, has been designed by Ivory Collective and will comprise 275 apartments, with the amalgamation also planned to be home to retail space, as well as two-levels of commercial space.
“Ora is a development that intertwines the beautiful bayside environment of Wynnum with the ease and luxury of unit living,” architecture firm Ivory Collective noted in their design statement in the development application.
There will be 275 apartments in the development, made up of 54 one-bedroom, 148 two-bedroom and 67 three-bedroom apartments, along with six three-bed plus multi-purpose-room penthouses.
Ora’s floor plate is designed to orientate and capture as much of the East as possible, allowing for maximum exposure to the easterly breezes and bay views.
A full recreation level is planned for level five, with a 528 sqm restaurant and bar, set around an expansive pool terrace as well as a wet deck, space, sauna and steam rooms, private cabanas, a cinema, barbecues, meeting rooms, wine rooms and function spaces.
“The recreational level on Level 5 creates a space for both the public and residents alike to enjoy the beautiful bay views and surroundings,” the statement added.
Drawing inspiration from the Wynnum foreshore in both its material and palette and building form, Ora is made up of clean off-white concrete and bronzed feature cladding and batten, reflecting the warmth and clarity of the Wynnum/Manly beach front, Ivory Collective noted.
Barwon secures Princess Alexandra Hospital car park
Barwon Investment Partners has snapped up a multi-level car park and medical centre on a site with significant development upside opposite Princess Alexandra Hospital.
The Woolloongabba asset at 250 Ipswich Road is setting the healthcare focused fund manager back around $95 million, reflecting a circa four per cent net passing yield.
The property contains an eight level, 773-bay garage attached to a two floor wellness centre with 21 tenancies, anchored to Gabba Dermatology, Brisbane Cardiology and Allied Health; the Weighted Average Lease Expiry is nearly seven years.
A pedestrian overpass connects the building to the Princess Alexandra Hospital, also a major teaching campus, employing 6810.
The 5106 sqm block has significant upside – up to 15 storeys based on its zoning, according to JLL’s Seb Turnbull, Elliott O’Shea and Simon Quinn, who marketed the asset with a Blight Rayner scheme.
BIP invests again
Established in 2006, BIP holds a property portfolio worth $2.3 billion.
Its medical related product, much held in a Healthcare Property fund, is priced at about $1.4b as at March, 2022.
Seven months ago, for the trust, the manager paid Forza Capital $34.7m for a South Brisbane medical centre – not far from 250 Ipswich Rd – and two Canberra assets including Belconnen’s Ginninderra Medical & Dental Centre on nearly a hectare.
Also late last year BIP spent $75m for a 12 level St Kilda Rd office majority leased to Alfred Health.
More to come.
Article source: www.realestatesource.com.au
Brisbane’s Office Market Greenlit for Business
Brisbane’s office market continues to shake off the pandemic doldrums with two new commercial towers approved in the CBD and fringe suburbs.
Property owner PGIM and development partner Indema’s plan for a bold adaptive reuse of a 1970s commercial building at 444 Queen Street has won approval.
The bronze 22-storey tower opposite Customs House will be stripped back to its core structure and completely remodelled with a new podium, curtain wall facade and an additional two-storey sculptural canopy.
Indema director Michael Bruderlin said they would be targeting a net zero certification for the building upon completion in the first quarter of 2024.
Article source: www.theurbandeveloper.com
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