The Smorgan family have sold off their prime retail asset at 130 Queen Street Mall to Marquette Properties for $77m.
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Marquette will acquire the property jointly with PGIM. The four storey retail and office building sits on one of the busiest corners in the Brisbane CBD.
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The building provides a total NLA of 3,771sqm in its current configuration, comprising 2,991sqm of retail over the first three floors and basement, and 770sqm of office accommodation and 10sqm storage above.
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The property generates $4,458,169 pa in rent, presenting a yield o 5.78% on the purchase price.
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Brisbane based, Marquette have been active in recent times buying 288 Edward Street Brisbane for $115m with Heitman in March this year and 164 Gray St South Brisbane in early 2017 with Moelis. Marquette propose upgrading the asset to a more contemporary high quality retail destination.
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JLL brokered the sale on behalf the Smorgan family who have owned the prime retail asset for nearly 30 years.
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