- Asset sold with 2.79 year WALE
- Previously known as Telecommunications House
- Placed on Heritage Register in 2004
Silverstone recently purchased 283 Elizabeth Street, Brisbane. Located within the heart of Brisbane’s Golden Triangle, Corbett Chamber is an asset that was completed for the Commercial Travellers Association (CTA) in 1907 and added to the Queensland Heritage Register in 2004.
History
Previously known as Telecommunications House, when the Commonwealth acquired the building in 1963, the property was home to the Postmaster General’s marketing and commercial section until 1975, then Telecom until 1991.
The property was again renamed when the Corbett family purchased Telecommunications House in 2009. Following major works, the property gained its current name, Corbett Chambers, honouring the vendor family and architect of the building, Claude Chambers.
“The modernisation we have undertaken is truly state of the art, although the character of the building is as present as ever,” said Lorraine Corbett.
“Our goal was always to respect, enhance and maintain the heritage features and appeal of this magnificent building. Long an important part of Brisbane’s history, it is now ideally placed to continue to flourish in the future.”
The asset
The six-level building neighbours the Blue Tower and The Annex in the Brisbane CBD and was purchased from retired specialist neurologist Professor John Corbett and his wife Lorraine Corbett.
With a WALE of 2.79 years, major tenants at Corbett Chambers include restaurant Corbett & Claude, the name also acknowledging the Corbett family, and architect) JGL Properties, investment managers Alvia Asset Partners, and commercial fit-out contractor Valmont.
The property spans 2,121 square metres of commercial net lettable area, with 1,712 square metres dedicated to office space, and 409 square metres of basement retail space. The property sits on a 551 square metre site.
“We are very excited to purchase the property and add it to our growing commercial investment portfolio. The property is in an amazing location and will benefit from all the works that are about to occur in Eagle Street,” said Silverstone MD Troy Daffy.
“Silverstone now has six heritage listed assets and we are immensely passionate about retaining these beautiful buildings. Our strategy will be to fully lease the building and own it long term.”
Knight Frank negotiated the sale of 283 Elizabeth Street, with the expressions of interest campaign attracting more than 60 enquiries and 6 offers.
“It is such a beautifully presented heritage building, it was always going to appeal to high-net-worth investors looking for a trophy asset,” said Knight Frank’s Blake Goddard
“Although it was our view the likely purchaser was going to be a private, we did have interest from syndicate groups and smaller funds who appreciated the prime position of the asset along with strong occupancy history.”
“Although it was sold with some vacancy, the building appeals to the most active leasing market being sub 500 square metres. The new owners are confident that under the right leasing conditions, the remaining vacancies can be filled reasonably quickly,” added Knight Frank’s Matt Barker.
