Tabcorp selling off properties in Brisbane
Listed gaming group Tabcorp has appointed agents to sell key property holdings in Brisbane following its merger with Tatts Group and a relocation to a new office headquarters.
Colliers International agents Tom Barr, Brendan Hogan, and John Marasco have been appointed to sell the properties at 87 Ipswich Road, Woolloongabba, and 240 Sandgate Road, Albion, in a transaction that could fetch more than $65 million for the corporate.
Both properties have major development potential with preliminary approvals that will help Tabcorp maximise its sale price.
The Albion property allows for the development of three towers of 15 storeys and one tower of 20 storeys to be developed on the property. An alternate opportunity exists to reposition the existing office building and then either sell, develop or land bank the surplus site area. The existing building has 7322 square metres of office space.
At Woolloongabba, Tabcorp’s 4577-square-metre office building sits on a major underutilised site with multiple exit opportunities. Proposed plans there have been prepared for a second office building on the site totalling another 4905 square metres.
Both properties could sell on yield of about 8 per cent. Both are offered on a short-term leaseback to Tabcorp.
In December last year Tabcorp decided to consolidate its Brisbane office accommodation into one new leased premises at 180 Ann Street in the Brisbane CBD.
“We expect strong buyer interest on both properties, given the depth of the buyer pool in this price bracket combined with the attractive value-add characteristics both properties offer,” Mr Barr said.
Tabcorp said it hoped to finalise the sale of both properties by the end of the year and have an agreements in place with the buyers to lease back the properties.
