Shayher Group has acquired the asset for $395 million following an International EOI campaign led by Colliers International and JLL.

The asset is currently 79 per cent leased with a WALE of 2.7 years (by income) with major tenants including the Commonwealth of Australia, National Australia Bank, Citibank, Dimension Data, Secure Parking, JB Hifi, Vodafone and Ramsay Health Care.

The 3,692 square metre double corner site enjoys three street frontages to Queen, Albert & Elizabeth Streets.

At a glance:

• Landmark Q&A complex purchased by Shayher Group for $395 million
• The building comprises a total 31,708 square metres NLA incorporating 7,283 square metres retail and 24,425 square metres office space
• The asset is currently 79 per cent leased with major tenants including the Commonwealth of Australia, National Australia Bank, Citibank and Dimension Data

The building comprises a total 31,708 square metres NLA incorporating 7,283 square metres retail and 24,425 square metres office spread across a three-level podium and two towers with basement parking for 207 bays.

Colliers International’s Jason Lynch, Lachlan MacGillivray and Don Mackenzie in conjunction with JLL’s Seb Turnbull, Jacob Swan and Luke Billiau negotiated the sale of Q&A Complex, Brisbane on behalf of QIC. 

Colliers International’s National Director - Capital Markets, Jason Lynch said the significance of the opportunity had generated strong interest from both domestic and offshore capital.

“On a global basis, Australia, particularly Brisbane, is attractive on a comparative return basis. Investors were attracted to the strong and diverse mix of covenants underpinned by the Commonwealth of Australia as the major tenant occupying the entirety of the 140 Elizabeth Street office tower,” he said.

“The landmark sale represents the first time that the asset has ever changed hands in its current format.”

Colliers International’s Head of Retail Investments, Lachlan MacGillivray said that investors were continuing to focus their attention on high quality assets with outstanding fundamentals such as those offered by the Q&A Complex.

He said the prime location, particularly the exposure to Australia’s busiest pedestrian mall – Brisbane’s Queen St Mall - gave bidders significant comfort in the future remixing potential of the retail component of the asset.

“Situated at the epicentre of the Brisbane CBD, Q&A is perfectly positioned to leverage the $12 billion of city shaping infrastructure projects planned for Brisbane,” MacGillivray said.

JLL’s Head of Capital Markets, QLD, Seb Turnbull said that strong market drivers including positive effective office rental growth, increased small occupier demand and moderate office supply were continuing to attract capital to Brisbane as an alternative to the southern markets. 

“Brisbane has a compelling value proposition with an average 81 basis point yield discount to Sydney and Melbourne," Turnbull said.

"In addition to the positive office market fundamentals outlined above, Q&A benefits from over 130 metres of ultra-prime retail frontage, with over 500,000 pedestrians walking past the site every week."

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