Edison Exchange, located in Brisbane’s CBD, has transacted for $57 million to Singaporean-based Investment Manager Firmus Capital.

The 10-storey commercial building occupying the site at 280 Elizabeth Street was developed in 1963 by Telstra.

Knight Frank Head of Institutional Sales, Justin Bond said the international expressions of interest campaign generated significant levels of enquiry and resulted in an extremely competitive bidding process.

“We were inundated with interest from private to institutional investors from all parts of the world, attracted by the rare opportunity to secure a premium site with future redevelopment potential in the heart of Brisbane CBD’s Golden Triangle,” he said.

“A significant benefit of the Edison Exchange was that it was sold with a six-year leaseback to Telstra, providing Firmus with a secure income stream whilst planning the site’s future redevelopment,” said Mr Bond.

At a glance: 

• Singaporean-based Investment Manager Firmus Capital has purchased the 10-storey commercial building in Brisbane’s CBD for $57 million.
• Knight Frank’s Justin Bond and Matt Barker managed the International Expressions of Interest campaign for Edison Exchange.
• The former telephone exchange precinct could evolve into a premium office and retail development.

“The sale of Edison Exchange will likely activate a previously underutilised strategic CBD site, which could evolve into a premium office and retail development.”

The sale is Firmus’ second acquisition in the Brisbane CBD in 12 months following its purchase of 127 Creek Street in June 2018. Firmus Capital has investments into commercial real estate across Australia.

“Opportunities of this nature and scale are rare within Brisbane’s geographically constrained CBD,” said Matt Barker from Knight Frank. “The opportunity to develop a landmark in Brisbane’s premier corporate precinct was what drove buyer engagement.” 

Mr Barker added that the “property presented the perfect opportunity to capitalise on Brisbane’s bright future, as it continues to transform into Australia’s next global city with more than $13 billion of infrastructure within one kilometre of 280 Elizabeth Street, including the $5.4 billion Cross River Rail project and $3.6 billion Queens Wharf precinct”.

The site initially operated as part of Brisbane’s first telephone exchange, which opened in 1880, with 175 telephone services becoming available 24/7 in 1883.

Manually operated until 1929, when the operation switched to an automated service, the current structure fronting Elizabeth Street was constructed in 1963, providing a new telephone exchange servicing central Brisbane and commercial office space for Telstra.

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