Brisbane’s former ANZ Centre to fetch up to $150m
An A-grade office tower in Brisbane’s premier commercial area known as the Golden Triangle is on the market, in a deal that industry commentators believe could generate as much as $150 million.
Situated on the northern corner of Queen and Creek streets, the 26-level tower located at 324 Queen St offers a rare opportunity to acquire a tower on a valuable 1821sqm site in the heart of the Brisbane CBD.
It is being offered to the market by Brookfield Property Partners and Dexus Property Group’s Dexus Wholesale Property Fund – a $6.9 billion open-ended unlisted property fund, and is being marketed by Knight Frank and JLL.
The tower, previously known locally as the ANZ Centre, was constructed in the mid 1970s but was extensively refurbished in 2001, including a new facade and a new three-storey main entrance.
The offering comes at a time Brisbane’s market is improving off the back of four consecutive quarters of positive net absorption
The property features about 20,000sqm of office accommodation across 25 levels and 1042sqm of retail space, with ground floor retail including the ANZ Bank Chamber.
Knight Frank’s senior director of institutional sales – Queensland, Justin Bond, says the tower is expected to attract significant interest from domestic and international investors.
“The attraction of greater investment returns in Brisbane, along with the difficulty in securing assets in the competitive southern markets, should ensure strong investor interest,” Bond says.
The Brisbane CBD building features a significant ground floor retail component.
“Featuring a prominent Queen St address, the office building is centrally positioned in Brisbane’s premium financial and business precinct, the Golden Triangle.
“The core CBD investment offers a diverse tenant expiry profile, secure cash flow and importantly a 100% freehold interest.”
With a weighted average lease expiry (WALE) of about four years, 324 Queen St is home to major tenants including ANZ, Allianz Australia and North Queensland Bulk Ports Corporation Limited.
The attraction of greater investment returns in Brisbane, along with the difficulty in securing assets in the competitive southern markets, should ensure strong investor interest
Luke Billiau, JLL’s director of sales and investments – Queensland, adds: “324 Queen St is a distinctive Brisbane asset that will provide the market with an opportunity to capitalise on Brisbane’s expected growth and unprecedented investment.”
“The offering comes at a time Brisbane’s market is improving off the back of four consecutive quarters of positive net absorption, and yield spreads continue to represent increasing attractive values,” he says.
The tower is located about 100m north of the GPO and is in close proximity to major transport services including the Brisbane Central Railway station, ferry and bus services.
