Credit Suisse buys in Fortitude Valley
Credit Suisse’s real estate arm has pre-purchased the Jubilee Place office development in Brisbane’s evolving Fortitude Valley precinct in a $180 million forward funding transaction.
The sale continues a run of large deals in the Queensland capital with groups swooping as the city’s leasing market recovers.
The market is now readying for the offer of the landmark 66 Eagle St, which is now on the block after Lendlease’s APPF Office passed on buying out co-owner ADIA and also put its stake on the block.
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JLL’s Seb Turnbull, Luke Billiau and Paul Noonan and Cushman & Wakefield’s Richard Butler, Josh Cullen and Mark Hansen are handling the sale, with the tower expected to go for about $370 million.
The tower was designed by world-renowned Japanese architect Kurokawa Kisho.
In another major deal, the wealthy Smorgon family has sold 130 Queen St to Brisbane-based investment manager Marquette Properties for $77.1 million.
That four-level property spans 3770sqm and is anchored by the largest McDonald’s in the southern hemisphere, Forever New and Michael Hill Jeweller via JLL.
An artist’s impression of Jubilee Place, including the refurbished Jubilee Hotel and A-grade commercial office tower.
Meanwhile, the Credit Suisse purchase sits on one of Brisbane’s main thoroughfares at 470 St Pauls Terrace and is being developed by JGL Properties and designed by Blight Rayner.
Positioned close to the new King St precinct on the city’s northern fringe, Jubilee Place sits in the Queensland government’s Bowen Hills Priority Development, which is stimulating a revitalisation of the area.
The long-term development is expected to comprise 23,000 new homes and one million square metres of commercial and retail space.
Credit Suisse Asset Management head of real estate APAC, Christopher Chiang, said the Jubilee Place development was “strategically positioned in an area of Brisbane which is seeing massive infrastructure investments, with the urban precinct rapidly becoming a magnet for modern, skilled business professionals and their employers”.
The development will include the preservation and refurbishment of the historic Jubilee Hotel and construction of an A-grade commercial office tower.
Westpac has already committed to moving its headquarters from neighbouring Newstead to the tower, securing 3072sq m of space. International Workplace Group subsidiary Spaces has committed to 4885sq m.
JLL’s Mr Turnbull and Mr Billiau negotiated the deal.
This article originally appeared on www.theaustralian.com.au/property.
