- The transaction highlights Quintessential’s ability to secure compelling investment opportunities in a more complex market, underpinned by conviction in Brisbane’s long-term growth.
- Currently 66 per cent occupied, the property offers a diversified tenant profile and will benefit from a rental guarantee and strong Brisbane leasing market.
Quintessential completed its $81.8 million acquisition of 133 Mary Street in Brisbane’s ‘Golden Triangle’, reinforcing its belief in the long-term fundamentals of Brisbane’s office market. The transaction demonstrates Quintessential’s ability to execute off-market deals in which it holds high conviction.
Quintessential CEO, Justin Mills, said, “We are excited to acquire 133 Mary Street which sits on a high-profile corner site, adjoining the Golden Triangle in the Brisbane CBD.
“The asset is superbly located today, and that will only improve when Brisbane’s first new CBD train station in more than 120 years opens just 100 metres from our building in 2029.
“This is a true Quintessential value-add asset, where we can roll up our sleeves and create value through our highly capable in-house team. We understand the Brisbane market well and believe it will continue to benefit from limited new supply and strong tenant demand.
“We were exceptionally pleased to raise the required capital in a more challenging market, shaped by higher interest rates, geopolitical instability and recent federal budget changes. We are incredibly fortunate to have such a loyal investor base who trust and support us every time.”
133 Mary Street comprises a 15-level office tower and a two-storey retail annex, with a total net lettable area of 13,207 square metres, typical floor plates of approximately 808 square metres, and 117 parking bays.
Quintessential Chief Operating Officer, Noah Warren, said, “We met almost every tenant early in the due diligence process and that gave us tremendous feedback on where we can add value. We are advanced in our thinking and have a plan to improve and modernise the asset, increase occupancy and activate the corner annex building.”
Positioned within walking distance of the city’s key transport connections, retail precincts and riverfront amenity, the property is well placed to benefit from Brisbane’s continued population growth, infrastructure investment and strengthening office market fundamentals.
Transaction advisers
The acquisition was negotiated by Peter Chapple, CBRE, and Paul Noonan, JLL.
Commenting on the deal, Peter Chapple noted, “Investors increasingly want to further their Brisbane office exposure, particularly where there is the ability to reposition and benefit from improving leasing market conditions.”
Paul Noonan added, “Quintessential has a long track record of transforming assets into best-in-class experiences for their tenants. 133 Mary Street represents an ideal repositioning opportunity in the CBD’s most connected precinct. We look forward to seeing the Quintessential team bring their vision to the property and unlock its full potential.”
Quintessential’s Brisbane footprint
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 an immediate $16 million valuation uplift, resulting in an early special distribution to investors.
Quintessential also acquired 240 Queen Street, Brisbane in 2024, where rental outcomes have significantly exceeded underwriting assumptions, driving a special distribution to investors and lifting the valuation from $250 million to $300 million.
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