AsheMorgan Brisbane’s 310 Ann Street sold to a private investor was brokered by CBRE’s Bruce Baker, Flint Davidson and Peter Chapple together with JLL’s Seb Turnbull and Paul Noonan negoitiated the sale of the refurbished building on behalf of a private investor.

Commercial property fund manager AsheMorgan has settled its $210 million acquisition of Brisbane’s landmark 310 Ann Street tower in the city’s largest office deal since early 2020. 

 CBRE’s Bruce Baker, Flint Davidson and Peter Chapple together with JLL’s Seb Turnbull and Paul Noonan negoitiated the sale of the refurbished building on behalf of a private investor.

 The sale price reflects an initial yield of circa 5.5% and confirms the ongoing investor interest in well leased commercial assets in core CBD locations.

 CBRE’s Mr Baker noted, “This prime-grade transaction offers significant guidance on market pricing and will provide further impetus for Brisbane’s commercial investment market. Brisbane is increasingly on the radar for high net worth club and retail syndicate groups seeking investments with a stable return profile, above what can be achieved in other capital city markets.”

 JLL’s Mr Turnbull added, “The deal is the largest institutional sale in the Brisbane CBD market since Q1 2020 and is reflective of the demand we are witnessing for core real estate investments.”

 The 310 Ann Street tower offers a 7.6 year weighted average lease expiry (WALE) and is 94% leased to blue-chip tenants such as Allianz and the Queensland Government.

 Completely re-built in 2017, the 20-level tower provides a net lettable area of 18,362 sqm and benefits from a 5.5-star NABERS Energy rating.

 Mr Baker said the building’s premium services, multi-let tenancy profile, rental upside potential and core CBD location had underpinned strong buyer interest in the sale campaign.

 The building is adjacent to Central Station, one of only four stations servicing the entire Queensland Rail network, and offers superior tenant amenity, including a two-storey end-of-trip facility.