Charter Hall is ready to cash in its No.1 Brisbane asset after securing a development approval for the site.
The group made the announcement on behalf of No.1 Brisbane Partnership. listing the three separate CBD titles at 217 George Street, 60 Queen Street and 231 George Street in Brisbane CBD.
The properties were acquired in mid-2018 for $93.96 million with an approved application for an 81-storey residential tower providing 534 units.
Charter Hall put in a new development application which also gained approval in late 2020 for a 34 storey, commercial office and retail tower for the site.
▲ The current three buildings owned by the Charter Hall partnership make up Brisbane No.1 and the proposed development and amalgamation to create 60 Queen Street.
Charter Hall has been active in the Brisbane office market, acquiring a $31.5-million leasehold asset at 241 Adelaide Street with Abacus Property Group from Australian Unity Fund earlier this month.
The consortium simultaneously entered a conditional contract for the freehold interest with the Brisbane Club for $32 million.
In Charter Hall’s results, diversification of property assets was a key strategy for the past six months with more industrial and logistics acquisitions made than office or retail.
▲ The 241 Adelaide Street of Brisbane Club Tower was sold to Charter Hall and Abacus Property Group and is located on Post Office Square.
Charter Hall managing director David Harrison said that it was time to move on for the Queen Street Mall asset.
“After the success of securing a new commercial DA for the site, the investors in the partnership have decided to realise their investment,” Harrison said.
There are currently eight, nine and three storey buildings on the 1854sq m site with street frontages to Queen Street Mall.
It would be known as 60 Queen Street if the new owners go ahead with the application.
It was designed by architects Blight Rayner and includes 24,490sq m of office space, 2150sq m of ground floor and podium level prime retail space over four-storeys, and basement parking for 94 cars and 213 bikes.
The No.1 Brisbane sale campaign is being handled by CBRE’s Bruce Baker, Peter Chapple and Tom Phipps, and JLL’s Seb Turnbull and Paul Noonan.
Article Source: theurbandeveloper.com
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