ISPT’s Brisbane tower on the market, could fetch around $200 million

Property fund manager ISPT’s Green Square South Tower in Brisbane’s Fortitude Valley is on the market and is expected to sell for around $200 million.

The 18,000 sqm A Grade tower is located at 505 St Pauls Terrace and is fully leased to the Brisbane City Council until 2027. 

The tower is expected to attract interest from both domestic and offshore investors.

ISPT bought into the development in 2005 and forward funded, as part of a four-property deal with Leighton Properties, which included the neighbouring building Green Square North Tower and two buildings at Civic in Canberra.

The listing agents are Colliers International's Tom Barr, Don Mackenzie and John Marasco.

Barr said the move to sell Green Square South Tower, which is part of ISPT’s Core Fund managed by Mark Bassett, at this point makes sense.  

“At the time they acquired this asset ISPT were underweight in Brisbane, with only one asset at 100 Creek Street, and were locked out of the market due to lack of suitable stock being traded," he said.

According to Barr, ISPT has received unsolicited interest in the asset over the past six months.

Tony McCormack, head of Capital Transactions at ISPT, said, “Fundamentally, Green Square South Tower is being sold to recycle the capital.”