- The fully-leased, mixed use Inner Brisbane tower has a 3.38 year WALE
- A team from Cushman & Wakefield, along with CBRE, finalised the sale
- Comes as population growth and employment base increases in the Queensland capital
Interests that are associated with Bloomberg Incorporation Limited, the owner of Riparian Plaza, have acquired 1 Brisbane Creek Road (BCR), Newstead for circa $55 million.
The mixed-use, fully leased Inner Brisbane asset currently has a 3.38 year WALE across the two buildings, which include an A-grade office tower and retail annex, currently sits on a total site area of 5,981 sqm.
1BCR offers 6,904 sqm of A-grade office space, retail and services accommodation across five tower levels, which includes the basement, and a single level dedicated to retail. Recent upgrades include the reinvigoration of the ground floor amenity, refreshment of landscaping and a new café.
Jonathan O’Brien, Peter Court, Frederic Le Fanue and Mike Walsh of Cushman & Wakefield, along with CBRE’s Bruce Baker, Jack Morrison and Adelaide O’Brien finalised the sale on behalf of a private investor based on the Gold Coast.
Mr O’Brien said the Newstead/Gasworks and Fortitude Valley areas are highly desirable, attracting attention from both institutional capital along with large corporate and multinational occupiers.
“The immediate precinct has enjoyed substantial institutional capital investment with over $2 billion in transactions occurring in the area over the last five years,” he said.
“And the precinct is well represented by an esteemed group of key domestic and international institutional groups such as Centuria, Charter Hall, Mirvac, Growthpoint, Cromwell, M&G, Arkadia, AMP, Abacus, DWS, Credit Suisse, ISPT and Lendlease”
Jonathan O’Brien, Cushman & Wakefield
Mr Morrison added that land rich assets in marquee location will consistently be sought after, and that 1BCR in particular offers a hugely prominent inner city offering, which would attract high calibre corporate occupiers
“This transaction follows the trend of private investors picking up high profile assets in inner-city Brisbane ahead of the anticipated growth of population and employment base,” he said.
“1BCR offers both secure income and plenty of upside in one of Brisbane’s most affluent locations, which saw syndicators and private investors aggressively compete to secure the property.”
Jack Morrison, CBRE