Firmus Capital have finalised the acquisition of the Telstra telephone exchange building at 280 Elizabeth Street, Brisbane’s for $57 million.
The property was offered fully leased on a 7 year triple net leaseback arrangement offering a net annual income of $3.18 million. The transaction reflects a yield of circa 5.57%.
The 11,567sqm site sits near to the Golden Triangle and can ultimately be redeveloped to Brisbane CBD’s maximum height limit of 274 metres. It’s understood GPT was one of the underbidders.
In December 2018, LaSalle Investment Managers acquired the heritage listed 293 Queen Street, directly behind the Telstra Exchange for $52.25m.
Firmus Capital also own the nearby 18,300sq m tower at 127 Creek Street, which it bought from US property group Blackstone for about $130 million in mid-2018.
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