In a surprise move by Dexus, the group have acquired a 2 level asset on the corner of Edward Street and Elizabeth Street in Brisbane.
The site was held by the Aria Group who obtained a development approval for a 274m residential tower on the site. Aria recently put the site on the chopping block attracting the attention of Dexus who have paid approx $80m for the site.
It is understood Dexus is in talks with the Catholic Church, which owns several neighbouring properties on Edward and Elizabeth streets, including the heritage-listed Cathedral of St Stephen.
The Catholic Archdiocese of Brisbane most recently bought 131 Edward Street for $29.5 million.
If a partnership were formed, the potential scale of any future development would be significant. Knight Frank is understood to have brokered the deal.