Brisbane’s ‘Chambers’ building sells for third time in 130 years

The ‘Chambers’ building at 308 Queen St Brisbane.
The ‘Chambers’ building at 308 Queen St Brisbane.

A fund managed by listed property fund manager Primewest has sold the iconic “Chambers” building and an adjoining eight-storey office building “The Tower” in Brisbane’s CBD for $47.4 million.

The purchaser – the University of Queensland – plans to occupy the buildings as part of its CBD campus.

The 130-year-old Chambers building is an irreplaceable and unique piece of Brisbane’s history, complemented by the boutique, modern A-grade office building.

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The Primewest fund bought the buildings in 2016 for $37.4 million, making the recent sale of The Chambers only the third time the high profile city landmark has sold in 130 years.

Primewest director David Schwartz says Primewest is delighted to see the heritage building at 308 Queen St and adjoining The Tower at 88 Creek St become part of the University of Queensland’s campus portfolio.

Primewest director David Schwartz.

He says that since the completion of The Tower in 2008 there has been substantial capital works to the building to achieve and maintain an A-grade standard. Significant capital works on The Chambers have also been completed.

Together the buildings provide 3516sqm of office space and 985sqm of retail.

“These building are located in Brisbane’s “Golden Triangle” and have provided investors in the Primewest managed fund with strong cashflow and capital growth since purchasing,” Schwartz says. “We are excited to see how the University of Queensland will utilise the space.”

The buildings currently return a net income of $3.32 million and sit at 98.5% occupancy.

Schwartz says 308 Queen St connects through Gresham Laneway to Adelaide St and is close to all to major public transport hubs including Brisbane Central Train Station, King George Square Busways and the Riverside Ferry Terminal.

Primewest manages more than $4 billion of assets across Australia and the west coast of the USA.

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