'Golden triangle' home of ANZ and Allianz for sale in Brisbane
An A-grade 25-level property in the heart of Brisbane’s business district has been listed for sale in a joint campaign between JLL and Knight Frank.
With circa 20,000 square metres of office space and 1042 square metres of retail space, 324 Queen Street is home to businesses including ANZ and Allianz Australia.
The building was refurbished in 2001 with a new facade and three-storey main entrance.
It is expected to attracted significant domestic and international investor interest, says Knight Frank senior director, institutional sales Queensland, Justin Bond.
“The attraction of greater investment returns in Brisbane, along with the difficulty in securing assets in the competitive southern markets, should ensure strong investor interest,” Mr Bond said.
“Featuring a prominent Queen Street address, the office building is centrally positioned in Brisbane’s premium financial and business precinct, the golden triangle.
“The core CBD investment offers adverse tenant expiry profile, secure cash flow and, importantly, a 100 per cent freehold interest.”
Luke Billiau JLL’s director, sales and investments, Queensland, says the building’s weighted average lease expiry of four years and improving market fundamentals are set to add to its desirability. The distinctive Brisbane asset would give the market an opportunity to capitalise on the city’s expected growth.
“The offering comes at a time Brisbane’s market is improving off the back of four consecutive quarters of positive net absorption, and yield spreads continue to represent increasing attractive values,” Mr Billiau said.
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