_Prominent Golden Triangle asset 240 Queen Street in Brisbane for sale

• 240 Queen Street, a 27-level A-grade building located in Brisbane CBD, is up for sale
• The building is being marketed for sale by Knight Frank and JLL on behalf of Brookfield
• The asset occupies one of Brisbane’s CBD’s most prominent corners at Queen and Edwards Streets, situated at the entrance to the Queen Street Mall and surrounded by Brisbane’s premier luxury retailing precinct
• The asset has a WALE of 4.18 years and is approximately 93 per cent occupied, with major tenants including the Commonwealth Bank of Australia, ASIC, Multiplex, Hall Chadwick and Christie Spaces

Brisbane, Australia – A high-profile Brisbane CBD office building situated on perhaps the most prominent retail corner of the Brisbane CBD and anchored by the Commonwealth Bank of Australia has hit the market. 

240 Queen Street will be taken to the market via an International Expressions of Interest campaign run by Knight Frank agents Justin Bond, Ben Schubert and Neil Brookes, in conjunction with JLL agents Paul Noonan, Seb Turnbull and Kate Low on behalf of Brookfield.

The 27-level A-grade building at 240 Queen Street has 27,632sqm of net lettable area, made up of 24,922sqm of office space and 2,710sqm of retail space, with 94 car bays.

The property occupies a 2,127sqm site on the corner of Queen Street and Edward Street at the entrance to the Queen Street mall and surrounded by Brisbane’s premier luxury retailing precinct.

The ASX-listed Commonwealth Bank of Australia has occupied the three levels of retail space in the building since the asset was constructed by the bank. CBA’s current lease runs until September 2029.

The asset has a WALE of 4.18 years and is approximately 93 per cent occupied, with other major tenants occupying the building including the Commonwealth of Australia (ASIC), the original building architects Conrad Gargett, Multiplex, Hall Chadwick and Christie Spaces.

Mr Bond said historically, on average there was less than one opportunity per year to acquire a Brisbane CBD institutional-grade asset of the size and value of 240 Queen Street, hence significant buyer interest in the offering was expected.

“Due to the rarity of the offering, in addition to its market-leading fundamentals including location, quality and income security, we expect strong significant domestic and international buyer interest in the asset,” he said.

“CBD multi-tenant office assets with a four year-plus WALE are rare and highly sought after and this building also offers future upside with the potential to transform the retail component post CBA’s lease expiry to cater for multiple luxury retail tenancies.

“Confidence is high in Brisbane with the city’s significant growth trajectory being undeniable, with strong historical rental growth, especially in the premier office precinct The Golden Triangle further enhanced by approximately $17 billion worth of infrastructure developments.”

JLL’s Mr Noonan said the asset occupied an unrivalled corner position at the Queen Street and Edward Street intersection at the entrance to Brisbane’s Queen Street Mall.

“This property gives buyers a chance to acquire a premier office building with undoubtedly the best retail position in the Brisbane CBD,” he said.

“It benefits from being the most highly populated corner location in the city, surrounded by an abundance of premium retail, office, entertainment and transport amenity. 

“The A-grade asset provides an exceptional standard of office accommodation, with high ESG credentials. Over 75 per cent of the tenants are also sitting in first generation fit outs, ensuring that the cash flow profile of the asset is very robust. 

“240 Queen Street has always been a Golden Triangle asset that the market has aspired to acquire. We anticipate strong interest in the offering.”

The International Expressions of Interest campaign for the property will close at 4pm on Thursday, March 23.

-Ends-

For further information, please contact:

Vanessa De Groot – Marketing & Communications, Knight Frank

Vanessa.degroot@au.knightfrank.com +61 410 460211

Catherine Woods - Senior Vice President | Corporate Communications, Brookfield

catherine.woods@brookfield.com +61 477 320 333

Notes to Editors

Knight Frank LLP is the leading independent global property consultancy. Headquartered in London, Knight Frank has more than 16,000 people operating from 384 offices across 51 territories. The Group advises clients ranging from individual owners and buyers to major developers, investors and corporate tenants. For further information about the firm, please visit knightfrank.com.

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with operations in over 80 countries and a global workforce of 88,000 as of September 30, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.au