The five-level B-grade office building at 283 Elizabeth Street, known as Corbett Chambers after being designed by prominent Brisbane architect Claude William Chambers – who also designed many of Teneriffe’s Woolstores – is being sold by a Private Family Trust, with price expectations in excess of $20 million.
It will be taken to the market via an Expressions of Interest campaign run by Justin Bond, Blake Goddard and Matt Barker of Knight Frank.
The asset, which was built in 1907, has 2,121sqm of commercial net lettable area, including 1,712sqm of office space and 409sqm of basement retail space. It sits on a 551sqm site.
It has a WALE of 2.79 years, with major tenants including Italian restaurant and bar Corbett and Claude, developer JGL Properties, investment manager Alvia Asset Partners and commercial fitout contractor Valmont.
The property is positioned on a highly exposed site adjoining the distinguished Blue Tower, recently sold by Knight Frank and CBRE, along with the recently constructed The Annex building and St Stephens Cathedral.
A capital works program was carried out on the basement and laneway of the property last year to provide a natural flow between The Annex building retail and Corbett Chambers.
Mr Bond said the property was one of the highest quality heritage assets in the Brisbane CBD, which was primed for growth.
“This asset is perfectly suited for buyers wanting to own a part of Brisbane’s history, while taking advantage of the growth to come in Brisbane,” he said.
“The city has a $45 billion infrastructure pipeline and sustained economic and population growth, which will only be strengthened by the upcoming Olympics in 2032.
“With an income profile anchored by a mix of national and local tenants, Corbett Chambers offers excellent medium-term security with timely exposure to Brisbane’s growth trajectory, with the opportunity for future income growth through fixed rental reviews.”
Mr Goddard said there was very strong investor demand for well-located quality assets in the Brisbane CBD and surrounds.
“The asset is in an in-demand Brisbane CBD location, surrounded by landmark office towers, in an area of the highest quality institutional real estate,” he said.
“It is situated in one of Brisbane’s premier locations within close proximity to the Brisbane River, Howard Smith Wharves, Eagle Street and Queen Street Mall providing a multitude of restaurants, bars, cafes and retail shops.”
Mr Bond said transaction activity over 2022 has so far been strong, with close to $600m in assets changing hands as vendors are confident in bringing their properties to the market and investor interest remains high.
“Recent transaction activity has not been restricted to institutional-grade assets, with 262 Adelaide Street selling for $18.8 million and 299 Adelaide St transacting for $85 million, reflecting the broad range of investor demand which is active in the market,” he said.
“This is likely to see further on-market campaigns emerge this year as competition between buyers has been strong, indicative of further strong pricing levels across the CBD.” The Expressions of Interest campaign for the property at 283 Elizabeth Street will close at 4pm (AEST) on Thursday 28th April 2022.
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