Quintessential has commenced a capital raise for the off-market acquisition of 133 Mary Street, Brisbane, as it continues to build on its enviable Brisbane office portfolio.
The transaction reflects Quintessential’s continued conviction in Brisbane, where strong leasing conditions, rental growth and constrained future supply are creating an opportunity to acquire a well-located asset and create value through focused execution.
Acquired from ESR off-market, 133 Mary Street comprises a prominent corner CBD landholding of approximately 3,000 square metres in Brisbane’s Midtown precinct bordering the Golden Triangle. The site’s scale, office component and retail annex provide flexibility and multiple pathways to create value over time.
Brisbane is benefiting from significant infrastructure investment, with over $116.8 billion committed across major projects including Cross River Rail, Queens Wharf and Waterfront Brisbane. This level of investment is expected to materially improve connectivity, amenity and long-term demand across the CBD, with the asset also set to benefit from generational infrastructure spend in the lead up to the 2032 Olympics.
133 Mary Street is well positioned to capture the upside of this activity and investment, given its location approximately 100 metres from the new Albert Street Cross River Rail station, with new luxury food and beverage offerings enhancing amenity at the doorstep of the property.
Quintessential has been circling the asset for over two years and has now secured the opportunity at a price reflecting a 72% discount to replacement cost. The group is now raising capital for the acquisition, consistent with its approach of identifying underutilised assets where it can cost effectively reposition, improve leasing outcomes, enhance income, and deliver strong risk-adjusted returns for investors.
Quintessential’s recent acquisitions in Brisbane include Green Square North Tower in Fortitude Valley, where approximately 52 per cent of leases were reset within two months of acquisition, extending the WALE from 2.2 years to 4.7 years, reducing vacancy risk and driving a $16 million valuation uplift within two months of acquisition. Quintessential also acquired 240 Queen Street Brisbane in 2024, where rental outcomes have significantly exceeded underwriting assumptions, resulting in a special distribution being paid to investors, and the valuation increasing from $250 million to $300 million.
The group has also demonstrated its ability to create value across asset classes, including the Port Adelaide Distribution Centre, which was acquired for approximately $80 million in 2019 and exited for approximately $216 million in 2025.
Justin Mills, CEO of Quintessential, said:
“We continue to see Brisbane as a market with strong and improving fundamentals.”
“The combination of strong leasing demand, increasing government infrastructure spend and limited new supply coming to market supports our ability to create value at the asset.”
“We’re firm believers in 133 Mary Street, given its high-profile corner position and large landholding. We will improve the connection between the retail annex and the office building to create a more integrated and cohesive asset.”
“For us, it is about being disciplined on entry, understanding and managing the key risks, and being clear on how we unlock value for investors. This is a market we know well, and 133 Mary Street fits with our business model.”
Noah Warren, Chief Commercial Officer at Quintessential, said:
“Our focus is on the Quintessential DNA of extracting value and delivering high-quality, risk-adjusted returns for our investors.
133 Mary Street reflects that approach, with repositioning potential in a leasing market that
continues to strengthen and is supported by significant government infrastructure investment.
This is a well-located CBD asset in the Midtown precinct within close proximity to major infrastructure.”
The proposed acquisition further strengthens Quintessential’s presence in Brisbane and reflects its strategy of investing in markets where it has conviction and can deliver outcomes through active management.
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