- Both assets are offering 100% interest
- Commercial and infrastructure projects tipped to add value in Brisbane
- The centrally located assets are accepting expressions of interest
Nearby developments are expected to add to the attraction of two centrally located Brisbane towers, both of which are haven an expression of interest campaign managed by commercial real estate firm CBRE.
State Government-occupied office tower at 53 Albert Street has been will go to market with offers anticipated to exceed $300 million, while submissions for the riverside office asset at 193 North Quay are expected to surpass $50 million.
The Olympic city to-be is seeing various commercial developments and infrastructure projects ramp up which will add value to surrounding assets. The planned Cross River Rail station and proposed Brisbane Live project, for example, will improve community infrastructure and transport.
53 Albert Street
The complex offers 2,322sqm across 22 levels in the city’s financial core and government precinct. The WALE comes to 6.5 years by income.
CBRE’s Bruce Baker, Flint Davidson and Stuart McCann have been assigned to manage the sale campaign.
“53 Albert Street benefits from a core location with an amplified future offering underpinned by more than $12 billion of infrastructure pipeline being injected into the surrounding precinct,” Mr Davidson added.
“The new Cross River Rail, Albert Street Station will revolutionise connectivity for tenants of 53 Albert Street as the new underground station becomes the main public transport access point for the southern part of the CBD.”
Flint Davidson, CBRE Agent
All 12 floors of office space are leased by the Queensland State Government through to January 2028.
Below the office space sits nine stories and 531 bays of car parking. This space is occupied by First Parking on a lease lasting until October 2030.
Finally, Budget Car Rentals, Avis, BWS and café operator Atomic Albert inhabits the ground-floor retail space.
The building boasts a 5.5 Star NABERS Energy Rating and a 4.5 NABERS Water Rating.
“With limited opportunities around the country to acquire 100% stakes in new generation, prime-grade CBD office towers, we expect strong interest in 53 Albert Street from onshore and offshore capital,” Mr Baker said.
193 North Quay
Australian real estate investor Kyko Group is selling the freehold interest in this riverside asset.
CBRE’s Peter Chapple, Jack Morrison and Adelaide O’Brien have been exclusively appointed to steer the Expressions of Interest campaign for the North Quay site.
Mr Morrison commented that both local and international buyers are likely to take note of the listing.
“As borders reopen, we expect renewed appetite from offshore groups wanting to deploy funds into the Australian market, along with aggressive onshore club capital looking for both income and value add upside from a true waterfront landholding,” Mr Morrison said.
Appealing to smaller corporates seeking a business destination, this site offers a WALE of 2.4 years by area. The diverse range of occupiers come from legal, engineering and technology industries.