Abacus Property Group, 67% and the Public Trustee of Queensland, which has the remaining 33% stake in the asset offer 444 Queen Street for sale via an International Expressions of Interest campaign run by Justin Bond and Blake Goddard of Knight Frank in conjunction with Tom Phipps, Peter Chapple and Bruce Baker of CBRE.

A 100% interest in a Brisbane CBD office tower at 444 Queen Street will be offered to the market for the first time in the property’s 56-year history. The 23-level building is being sold by Abacus Property Group, which owns 67% of the property, and the Public Trustee of Queensland, which has the remaining 33% stake in the asset.

444 Queen Street is being taken to the market via an International Expressions of Interest campaign run by Justin Bond and Blake Goddard of Knight Frank in conjunction with Tom Phipps, Peter Chapple and Bruce Baker of CBRE.

The asset offers 13,968sq m of nett lettable area and 72 car bays on a 1,708sq m site in the heart of the Brisbane CBD, within the city’s Golden Triangle, the premier business precinct of Brisbane.

It is currently 76% occupied, with tenants including the joint owner, the Public Trustee of Queensland.

Mr Bond said it was expected both onshore and offshore investors would be attracted to the opportunity to purchase 444 Queen Street.

“Aside from its ideal location, the property is one of Brisbane’s best value-add opportunities, offering a rare 100% ownership along with a significant refurbishment and leasing program or perhaps a redevelopment.

“Repositioning the asset would bring it up to an institutional-grade asset, with opportunities under the current town planning guidelines including redevelopment into a hotel, build to rent, or a residential and commercial building up to 274 metres in height.

“The Brisbane market has not experienced a true value-add opportunity at this price point in some time, and believe this opportunity will appeal to private investors, developers and institutional investors.

“The wider Brisbane CBD is undergoing major revitalisation, with key projects including Queen’s Wharf, Cross River Rail and Brisbane Metro, totalling over $10 billion.

“These projects with bring a new level of transport infrastructure and entertainment amenity to the Brisbane CBD, along with city shaping projects including the Howard Smith Wharves, Dexus Waterfront Precinct and Charter Hall and Investa’s 360 Queen Project.”

Mr Phipps said 444 Queen Street was an appealing prospect for tenants, with versatile floor plates and stunning views of the Brisbane River over Customs House.

“Rarely does a large-scale offering with enormous value-add potential like 444 Queen Street become available,” he said.

“This is the first time a 100% interest in the property has been offered for sale, with the asset having been under joint ownership since its completion in 1975.

“The property offers expansive river views and is in an amazing location, boasting a blue-chip Queen Street address in the heart of the city’s sought after Golden Triangle. It’s in close proximity to a wide range of amenity and transport including the Queen Street Mall, Eagle Street Pier, Howard Smith Wharves and Central Station.

“The immediate precinct has experienced significant uplift in recent years, beginning with the completion of the premium grade 57,000 square metre tower at 480 Queen Street in 2016 and a number of surrounding owners significantly upgrading their assets including 175 Eagle Street, 410 Queen Street, 488 Queen Street, 500 Queen Street and 545 Queen Street.”

The International Expressions of Interest campaign for 444 Queen Street will close at 4pm (AEST) on Thursday, May 27.

To request a copy of the Information Memorandum please email either of the marketing agents via the contact forms below.

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