Investec Australia Property Fund are bringing the 11-storey office building located at 757 Ann Street, Fortitude Valley, to market at a price expected to exceed $90 million.

Completed in 2014, the state-of-the-art building comprises 9,422 square metres of A grade office space and is fully leased with a weighted average lease expiry of approximately five years.

The property’s strong income profile is supported by the anchor tenant - multi-billion-dollar technology company, Asea Brown Boveri.

At a glance:

• 757 Ann Street, Fortitude Valley, comes to market with a price tag expected to exceed $90 million
• The property comprises 9,422 square metres of A grade office space and is fully leased with a weighted average lease expiry of approximately five years
• The building occupies a dominant corner position on Ann Street, one of Fortitude Valley’s main thoroughfares

Cushman & Wakefield’s Mike Walsh and Peter Court have been exclusively appointed by Investec to undertake an international EOI campaign which commences 14 October.

The campaign is expected to generate strong interest from domestic and offshore institutions, funds and syndication groups.

The building occupies a dominant corner position on Ann Street, one of Fortitude Valley’s main thoroughfares, and Morgan Street. Brisbane’s most renowned rooftop bar, Bar Eleven, is also located on the top floor.

The building is located just one kilometre from Brisbane’s CBD in the tightest-held Brisbane fringe market, the Urban Renewal precinct.

According to Cushman & Wakefield research, vacancies in the area have dropped from 14.2 per cent to 12.1 per cent between January 2019 and June 2019.

Cushman & Wakefield’s Joint Head of Middle Markets, Peter Court, said that the entire commercial component of the asset was structured on a net lease basis, providing smooth, predictable cash flow for investors.

“This, combined with the building being 100 per cent leased, a multibillion dollar blue chip anchor tenant, and a strong local office leasing market adds to the attractiveness for prospective buyers that are chasing diminishing yields in other asset classes,” Court said.

Cushman & Wakefield’s Joint Head of Middle Markets, Mike Walsh said 757 Ann Street presented a benchmark near-city investment, offering highly desirable credentials for investors in Brisbane’s most sought-after mixed-use precinct.

“Occupying a prime corner location on Ann Street with enviable sight-lines to the CBD, the striking A-grade tower was designed by Nettleton Tribe and completed in 2014 with no significant short-term capex requirements,” he said.

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