Singapore group adds $60m Brisbane office to portfolio

The acquisition of 100 Edward St marks the company’s entry into Brisbane and the tower, which was sold by an investment partnership managed by Evolution Private, is located in the city’s Golden Triangle financial precinct.

The purchase builds on Rockworth’s existing Queensland retail presence, including Town Square Redbank, Everton Park and Rothwell shopping centres.

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Rockworth’s portfolio now comprises office assets in Sydney, Melbourne, Perth and Brisbane.

The 17-storey Edward Street tower has 7120sqm of office space, 109 carpark spaces and ground floor retail space. It sits on the corner of Mary St on a 1400sqm site.

The multi-tenanted building is more than 90% occupied after being recently refurbished, with a modernised lobby and upgraded lift interior and building services.

The tower is surrounded by more than $10 billion of planned redevelopment and infrastructure spending as it sits at the cross roads of the Golden Triangle and the upcoming Queen’s Wharf and Eagle Street Pier redevelopments.

Rockworth chief executive Lim Kin Song says the acquisition is a “timely opportunity” to participate in a fast-evolving gateway city.

“With its recent refurbishment and above-average occupancy rates compared to the broader Brisbane B-Grade market, the property presents substantial underlying value that will allow for the exploration of initiatives to enhance rental income and extract further cost efficiencies,” he said.

Rockworth now has a national portfolio of 14 office and retail assets and will look to capitalise on growth drivers across major Australian markets.

Nick Spiro of Cushman & Wakefield introduced the parties who then concluded the deal directly. The Evolution partnership, which includes the peak body for sugarcane growers, Canegrowers, picked up the building for $46 million in 2011.