33 Queen Street, Brisbane sells for $34 million to Abacus

Abacus Property Group has bought 33 Queen Street, Brisbane, which includes 199 George Street, for $34 million.

Its represents an initial yield of 9.4%, excluding transaction costs.

The 33 Queen Street building is a historic seven-level building connected to 199 George Street, a recently completed office and retail tower.

The heritage building has a 3,313 square metre net letable area including 1,290 square metres of retail space leased to Westpac Bank.

Westpac has occupied the space for more than six decades having sold it for $11.165 million in 2004.

The building is almost fully let.

The 10-storey 99 George Street has 2,769 square metres of A grade commercial office space 90% occupied.

Its tenants include Members Equity Bank, First Commercial Bank of Taiwan and the Consulate of Italy.

"The property represents an attractive acquisition being immediately accretive to earnings and an asset that exhibits significant core-plus opportunities that can be capitalised on in the short term," Dr Frank Wolf, managing director of Abacus Property Group said.

"Abacus continued to have access to substantial acquisition capacity which we plan to utilise in the near future in similarly accretive opportunities," he said.