324 Queen Street

Brisbane, QLD

This modern A grade property is located in the premier position in the Brisbane CBD's Golden Triangle.

The property is located at the junction of Queen and Creek streets, providing a commanding street presence. The property provides c.20,000m2 of net lettable area over two levels of basement car parking (for 98 cars), ground floor retail, three level podium and a main office tower of 22 levels. The acquisition offers an outstandoing core plus opportunity within the office sector in the current market. The property provides upside potential through the lease up of vacant space and a potential to explore a retail conversion of the podium levels. The vacant floors are being progressively refurbished and subdivided into smaller suites to widen the target market.

This property has a 4.5 star NABERS rating. This property was acquired as tenants in common with Investec Australia Property Fund .

Ownership interest 50%
Cap rate 7.25%
Valuation date September 2016
Acquisition date December 2016
Site area 1,821m2
Net lettable area 19,864m2
Occupancy 80%
WALE by income 3.1 Years
Rent review stucture Fixed
Major tenants by income Allianz Australia, ANZ, Brookfield Multiplex
Parking spaces 91
Valuation range $60-70 million