Canada's Quadra Pacific selling Brisbane towers
Private Canadian investor Quadra Pacific has decided to sell two major Brisbane office towers that market participants expect could fetch $200 million.
Quadra Pacific bought the buildings at 133 Mary Street and 288 Edward Street more than 25 years ago for $10.6 million and $27 million respectively but have spent at least $26 million upgrading them.
The investor has residential developments in Canada’s booming housing market and is repatriating capital to those projects.
It has now appointed Seb Turnbull and Luke Billiau of JLL’s Capital Markets to sell the trophy Brisbane office portfolio.
Mr Billiau said he was anticipating strong interest in the campaign given the significance and future value-add opportunities of both assets – with buyers looking to acquire the assets either individually or in-one-line.
“Both properties are truly unique and competitive in their offering, with exceptional investment fundamentals including central and connected locations, large site areas and a combined $26 million invested in major repositioning and upgrade works over recent years,” he said.
The 133 Mary Street property is a rare and refurbished core-plus asset located in Brisbane’s best performing commercial office precinct while five blocks uptown, 288 Edward Street is being pitched as a significant value-add asset in an enviable location opposite Brisbane’s Central Station.
JLL’s Head of Capital Markets for Queensland, Seb Turnbull said the buildings had perfectly positions near some of Brisbane’s biggest projects including the Queen’s Wharf and Brisbane Live precincts and the proposed Cross River Rail Albert Street Station located in direct proximity.
