Landmark Brisbane Retail Building Sold For $29.5 Million

08 June 2012

The prestigious 180 Queen Street retail building fronting directly onto Brisbane’s Queen Street Mall has been sold for $29.5 million.

The landmark eight-level retail and commercial office building, anchored by international retailer Country Road and National Australia Bank (NAB), was sold by Peter Chapple of Savills on behalf of the Seymour Group.

The asset was acquired by a joint venture between Abacus Property Group and Heitman LLC, a multi-national real estate investment firm headquartered in Chicago. This is one of several transactions Abacus and Heitman have completed in the last 12 months.

Daniel Farquhar of Seymour Group said the refurbishment and reletting of 180 Queen Street fitted well the Seymour Group’s mandate for creating high-quality, bankable investments.

Peter Chapple, Savills Associate Director Capital Transactions, said 180 Queen Street presented one of the most desirable and highest quality retail investments opportunities in Australia, and was highly sought after by national and international investors.

“Rarely do landmark Queen Street Mall assets become available, especially with the investment characteristics of 180 Queen Street. The secure leasing profile, renowned location and quality of improvements provided an iconic investment offering,” he said.

“The international interest in the property, highlighted by Heitman and its international investors, only confirmed the strong fundamentals of the property, and its attractive positioning to benefit from the continued maturing of Brisbane’s premier retail destination, the Queen Street Mall.”

The 180 Queen Street property comprises 1,358sq m of retail accommodation, secured by Country Road’s flagship Queensland store and NAB, and 2,207sq m of refurbished office accommodation.

Built circa 1920 by the National Australia Bank, the heritage-listed property features a timeless design defined by its architecturally classic sandstone facade.

The property enjoys a dominant position fronting Queen Street Mall, adjoining Queens Plaza and directly opposite the recently refurbished Wintergarden complex and surrounded by prestige international retailers including Tiffany & Co, Louis Vuitton and Mont Blanc.

The asset has an attractive lease expiry profile as the two retail anchor tenants recently exercised their options, with Country Road in occupation until 2020 and NAB until 2016.

 
 

Key Contacts

Peter Chapple

Peter Chapple

State Director - QLD
Capital Transactions

Savills Brisbane

+61 (0) 7 3002 8858