Brisbane

Heritage Adelaide Street building listed for sale by the City of Brisbane Investment Corporation

The City of Brisbane Investment Corporation (CBIC) has listed a boutique CBD office building for sale after completing a major refurbishment program.

22 Feb 2021

The City of Brisbane Investment Corporation (CBIC) has listed a boutique CBD office building for sale after completing a major refurbishment program.

With the 262 Adelaide Street building now at 100% occupancy, CBIC has appointed CBRE’s Jack Morrison, Andrew Adnam and Peter Chapple to source a new owner via an Expressions of Interest campaign.

CBIC CEO Kirsty Rourke said the property had been carefully restored to blend the building’s unique heritage qualities with contemporary essentials such as full accessibility, an updated technology fitout and the energy efficiency credentials that tenants expected.

“With 262 Adelaide Street, CBIC was determined to preserve some of Brisbane’s CBD heritage, but we also needed to create spaces that suit how we work today,” Ms Rourke said.

Located in a rapidly evolving CBD precinct, the heritage building occupies a prominent position near Central Station, Queen Street Mall and the city’s Golden Triangle business precinct.

Major occupiers include executive search and recruitment firm Blackroc, global architectural and consulting practice Woods Bagot and ground floor eatery Greenstreat.

“262 Adelaide Street offers high-quality office and retail space to suite a diverse range of industries, as proven by its current range of tenants,” CBRE’s Mr Chapple said.

“It offers investors a major point of difference in providing the type of character office space that many businesses are seeking without the capital expenditure requirements of other similar assets.”

Built in 1927, the building offers a net lettable area of 2,237sqm, including 1,824 sqm of high quality, corporate office space and 413sqm of retail space. The recent refurbishment has provided high quality office fitouts, a foyer upgrade, new lifts and a full services upgrade.

“At 100% occupancy, 262 Adelaide Street stands out as an exceptional leasing performer, with two-thirds of the building’s leases having been signed or reset in the past 12 months, despite challenging market conditions,” CBRE’s Mr Morrison said

“The building also offers some avenues for additional value creation, including the refurbishment and conversion of the lower ground retail space.”

The Expressions of Interest campaign closes March 25, 2021.

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About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at https://www.cbre.com.