Sentinel Backs Brisbane Office Market with Finalisation of $100M+ Green Square Acquisition

Green Square South Tower transaction shows renewed investor confidence in Brisbane office market in lead up to 2032 Olympic Games

In a significant transaction that reflects renewed confidence in Brisbane’s office market, Sentinel Property Group has finalised the acquisition of Green Square South Tower, representing the first sale over $100 million outside the Brisbane CBD since 2022.

Colliers Office Capital Markets team of Adam Woodward, Sam Arkell and James Mitchell, as exclusive agents for the vendor, successfully negotiated the off-market sale of the A-Grade office building, located at 505 St Pauls Terrace in Fortitude Valley, on behalf of a private client.

Occupying a prominent position in Brisbane’s city fringe, the 18,000sqm Green Square South Tower comprises five levels of high-quality office accommodation, retail, 355 basement car parks, dual entry foyers, modern end-of-trip facilities, and a retail forecourt. The asset is fully leased to Brisbane City Council, the largest local government in Australia, until August 2027.

Colliers Head of Office Capital Markets Adam Woodward said the transaction represented the first office sale exceeding $100 million outside the Brisbane CBD since 2022, in a clear signal that counter-cyclical capital is returning to the Brisbane office market.

“This transaction highlights ongoing investor appetite for prime, well-located assets in Brisbane’s city fringe, underpinned by confidence in the city’s infrastructure pipeline and the approaching 2032 Brisbane Olympic and Paralympic Games,” Adam Woodward said.

“Fortitude Valley’s strong population and employment growth, combined with its position as Brisbane’s leading live-work-play precinct, continues to drive demand for quality office product.”

Colliers Queensland Capital Markets Associate Director Sam Arkell said with Brisbane’s growth trajectory, strong underlying fundamentals, and the significant infrastructure investment leading into the Olympics, Green Square South was extremely well positioned for long-term value creation.

“The Brisbane Metro office market is facing growing pressure from a prolonged slowdown in new supply, with construction activity over the past decade falling well below historical levels,” Sam Arkell said.

“The competition for quality space is intensifying with A-Grade metro office space vacancy reducing from 11.3% in July 2024 to only 9.7% by January 2025.

“Green Square South stands out for its exceptional location within Brisbane’s fastest growing urban precinct and ability for long-term value creation.”

Green Square South is strategically positioned in close proximity to Brisbane’s future Olympic precinct, Victoria Park Stadium, National Aquatic Centre, and Athletes’ Village and upgraded RNA Showgrounds Arena and is also well connected by the Fortitude Valley station and Cross River Rail. The building was Brisbane’s first to achieve Green Star Built and Design ratings, reflecting its commitment to sustainability and modern office standards.