LaSalle Investment snaps up Brisbane Office

13 December 2018

LaSalle Investment Managers have acquired the heritage listed 293 Queen Street Brisbane for $52.25m. The property comprises a net lettable area of 5257sq m, with University of Queensland occupying the ground-floor retail component and levels 6 and 7 (28% of the office space). The purchase price represents a fully leased yield of 6.7%, but a passing yield of just 4%. The building was sold by long-term owner Bloomberg Incorporation Limited, which held it for almost 25 years. Global architecture firm Woods Bagot partnered with UQ to restore the 91-year-old building’s impressive street presence and transform three interior floors into contemporary, accessible and functional spaces for learning, collaborating and doing business. Location Plan #Commercial