- Listing located in Brisbane’s Fortitude Valley
- Offers expected to exceed $140 million.
- Was last sold in 2017 for $119.1 million
HQ South Tower in Brisbane’s Fortitude Valley has been listed for sale, with offers expected to exceed $140 million.
The tower boasts significant green credentials including a 6-star Green Star design, 5-Star NABERS Energy Rating and 4-Star NABERS Water Rating.
Appointed by M&G Real Estate, the sale process will be managed by CBRE’s Peter Chapple, Tom Phipps and Stuart McCann along with Justin Bond, Paul Roberts and Neil Brookes from Knight Frank
M&G Real Estate acquired the site in 2017 for $119.1 million.
The primary tenant is CPB Contractors, a branch of the ASX listed CIMIC Group, occupying 61% of the 14,588sqm net lettable area.
Other office tenants include RPS Australia, AH Jackson & Co and the recently-opened Next Medical Practice while 1,503sqm is dedicated to retail offerings.
“With an income profile anchored by a global infrastructure construction consortium, HQ South offers excellent medium-term lease rental income with timely exposure to Brisbane’s population and infrastructure growth trajectory,”
Peter Chapple, CBRE
“HQ South is Brisbane’s maiden core-plus opportunity of 2022 and is expected to generate strong interest due to its multiple medium-term value enhancement opportunities while offering occupiers highly desirable office amenity,” CBRE’s Mr Chapple said.
HQ South fronts both Wickham Street and Brookes Street, a location well-connected with public transport infrastructure.
Knight Frank’s Justin Bond believes that the lifting of COVID-19 restrictions on international travel is creating increased investor attention in Brisbane’s office market.
“Domestic and offshore investor appetite, driven by upcoming developments in Fortitude Valley and Brisbane’s burgeoning infrastructure pipeline, will result in significant demand for this rare opportunity of acquiring a core-plus asset in Fortitude Valley.
“We believe this asset is an outstanding example of a building that holds broad appeal to investors and businesses alike given its commitment to modern and environmentally-focused amenities accompanied by rich retail and food services in the immediate proximity.”
Expressions of Interest close on the 5th April 2022.
