Prominent Brisbane Boutique Mixed-Use Building Changes Hands In $9 Million Off-Market Sale

A Singapore-based investor has acquired a mixed-use building in Brisbane’s CBD luxury precinct for $9 million, as investor interest in the 2032 Olympic host city continues to build momentum.

CBRE’s Nick Wedge and Angus Windred managed the off-market transaction of the property at 201 Elizabeth Street. The sale price reflects a yield of 5% and a capital value of $11,968/sqm.

Mr Wedge said the sale illustrates CBRE’s international and national reach. The investor, who has previously worked with CBRE on the purchase of Sydney assets, was looking to further expand throughout Australia. By leveraging CBRE’s local on-ground knowledge in Brisbane, via Mr Wedge, the investor was able to structure the off-market sale and make their first Queensland purchase in the tightly held Edward Street luxury precinct.

Mr Wedge noted the sale was reflective of the growing trend of return of interstate and offshore capital looking for boutique CBD holdings.

“Brisbane is seeing significant investor interest following the formal announcement of the 2032 Brisbane Olympic venues in March this year. Additionally, as rents continue to grow and we enter a decreasing interest rate environment, investors are backing Brisbane for the long term,” he added.

“The property presented an excellent opportunity for future owner occupiers and HNW investors. The building is in a great location being directly opposite ISPT’s Wintergarden redevelopment and the recently announced Intercontinental Hotel refurbishment.

“The building also directly adjoins Brisbane’s premier timepiece and luxury corner being within immediate proximity to Cartier, Hermes, The Hour Glass (Patek Philippe & Rolex retailer), Montblanc, Canali, Omega, Tudor and Tag Heuer to name a few.

“The building has short terms remaining on most of the existing leases with no options meaning the tenancy profile can be reset or was suitable for future owner occupation,” Mr Wedge added.

The two-storey, plus basement, retail and office building features a large Elizabeth Street frontage and is anchored by clothing retailer Scotch & Soda and Ray White Residential CBD.