QIC to release office space in Brisbane CBD tower

QIC to release office space in Brisbane CBD tower
QIC to release office space in Brisbane CBD tower

Positioned at the gateway to the proposed $2 billion integrated resort and casino precinct ‘Queens Wharf’, 41 George Street Brisbane is set to attract both local and international attention when it goes to market this week.

The asset likely to attract bids of circa $150 million.

The 27 level commercial office building with 29,960sqm of net rentable area is on a 2,811sqm elevated corner site.

The State of Queensland is the major tenant bringing in a net passing income of $13,939,713 per annum.

The property is being marketed by Tom Phipps and Jason Lynch of Colliers International and Shaun Douglas and Ken Lucht of Chesterton International, on behalf of QIC in an international expressions of interest campaign. 

Mr Phipps said the lease to the State of Queensland provides exceptional cash flow security until 2021. 

“This asset is unique to any other CBD offering currently on the market as it provides a combination of secure income from a government tenant and considerable potential for future upside. 

According to Mr Lynch opportunities to acquire major assets with WALE in excess of five years such as 41 George Street will be rare for the next several years due to the current CBD market being so tightly held by long term investors.

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