Taiwan’s Shayher Group shows heavy interest in Brisbane’s $400m Q&A Centre
Property heavyweight QIC Global Real Estate has heavy interest in Brisbane’s landmark Q&A Centre, with the Shayher Group leading the pack for the asset that is tipped to sell for more than $400 million.
The Taiwanese developer is undertaking the $1 billion Brisbane Quarter project and has also been snapping up new sites including in Sydney, where it bought a twin-building office complex in the inner west for about $63 million this month.
The company last month also won the rights to redevelop one of Brisbane’s most strategic properties, the Bulimba Barracks site, knocking out local contenders with a multi-million-dollar bid.
Commercial Insights: Subscribe to receive the latest news and updates
The QIC race also drew Charter Hall and US funds manager Hines, but the Asian developer is headed into due diligence.
QIC’s offer of the landmark property between Queen Street Mall, Albert Street Mall and Elizabeth Street in the CBD came hot on the heels of it selling 80 Collins Street in Melbourne to Dexus for almost $1.5 billion.
The complex in Brisbane combines two modern commercial towers connected by Albert Lane, while the retail aspect makes up about half the income.
QIC said in June that the planned divestment of Q&A Centre was part of its investor-endorsed strategy for the QIC Property Fund. After the sale of 80 Collins St in Melbourne and a half stake in the MLC Centre in Sydney to Dexus in 2017, Q&A Centre was the last predominantly office asset remaining in the fund.
The property has been held by QIC since 1994 and also benefits from the busy retail precinct.
The tower at 140 Elizabeth St is an 11-storey office building. There is 950sqm of retail space fronting the Queen and Albert street malls and about 10,000sqm of office space, completed in late 2009.
The tower at 141 Queen St, once the T&G Building, is a 25-storey, 88m office building with a retail arcade at street level and five levels of basement carparking. It was completed in 1969.
JLL’s Seb Turnbull, Jacob Swan and Luke Billiau and Colliers International’s Lachlan MacGillivray, Don McKenzie and Jason Lynch are handling the deal but did not return calls while QIC did not comment.
Brisbane has been active this year with more than $1.5 billion worth of buildings changing hands.
Shayher’s mixed-use Brisbane Quarter development includes the W Brisbane and an 82-level residential tower.
This article originally appeared on www.theaustralian.com.au/property.
