Brisbane’s Gold Tower on the block with $300m price tag
The listed Dexus and Canada’s CPP Investment Board are looking to offload Brisbane’s $300m Gold Tower in the city’s largest office sale of the year.
Smaller buildings are in play, including ESR’s offer of the State Law Building, but the Brisbane CBD office market has been quiet in the wake of the coronavirus hitting.
Dexus and the Canadian fund now want to sell the 32 level A-grade commercial building in the heart of the city’s Golden Triangle at a time when few other Brisbane assets are for sale.
Dexus has been selling buildings near book value during the crisis and believes that they will mainly hold their values.
Known as The Gold Tower due to its distinctive colour, the island site also offers buyers the chance to add value via the development of an annex or extending the podium floor plates.
When completed in 1978, 10 Eagle Street was Brisbane’s tallest building, and it comprises about 27,826sqm of net lettable area.