brisbane city scape skyline
Photo – Canva.
  • 241 Adelaide Street goes for $31.5M
  • The property leaves the hands of Australian Unity Office Fund
  • Building houses the prestigious Brisbane Club

A consortium of ASX listed companies Charter Hall Group (ASX: CHC) and Abacus Group (ASX: ABP) announced to the ASX this afternoon the acquisition of 241 Adelaide Street, Brisbane.

The property left the hands of another ASX listed company, Australian Unity Office Fund (ASX: AOF) for $31.5M, the office block sits in the heart of Brisbane’s CBD, on the corner of Adelaide Street and the Anzac Square public park open space.

As of 30 June 2020, Australian Unity Office Fund noted the building was rated as Building type B grade – office, the building has a net lettable area of 10,107 square metres and car parking for 85 cars.

Reported by the now previous owners, the major tenant was Pitt & Sherry, with an occupancy of 85.7%. The WALE by gross property income was also noted as 2.3 years.

Charter Hall and Abacus announced to the market part of the deal included a contract with premier private club, Brisbane Club, one of the buildings patrons.

“… a conditional contract with the Brisbane Club to acquire the freehold interest, for consideration of $32 million, subject to a lease back of up to 5 years plus options.”

Charter Hall Group and Abacus Group

The managing directors of Abacus and Charter Hall both said in a statement: “The acquisition of this quality building in a prime location in Brisbane CBD is a great opportunity for the Consortium to implement active asset management plans and capabilities to drive the returns from the asset.”

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