Growthpoint hopes to snare Bank of Queensland building

The Bank of Queensland building in Brisbane.
The Bank of Queensland building in Brisbane.

The listed Growthpoint Properties Australia is stepping up its push into resources capitals, with the trust looking to buy the Bank of Queensland building in Brisbane in a deal that could top $200 million. 

Growthpoint is targeting the purchase of 100 Skyring Terrace in the heart of Brisbane’s Gasworks precinct, Newstead, from two Charter Hall-run funds.

It is co-owned by the Charter Hall Direct Office Fund and the Charter Hall Prime Office Fund, which tapped CBRE’s Flint ­Davidson, Bruce Baker and Tom Phipps to sell the asset.

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They declined to comment, but the complex, which was completed in 2014, was keenly sought by bidders. The 12-level building comprises about 24,665sqm of ­office space, with 1965sqm ­campus-style floors with river and city views. It has 1038sqm of retail space and 195 car spaces. Growthpoint forged into Perth’s office market with the purchase of Wellington Central at 836 Wellington St from the Investa Office Fund for $91.3 million in July.

Delivering its annual results in August, Growthpoint flagged a shift towards developing new ­office and industrial projects, in addition to purchasing assets. It has a $200m pipeline of development and expansion projects over the next two years.

These include a 19,300sqm A-grade office building in Richmond, Melbourne. It is also negotiating with Woolworths a $60 million expansion to its Gepps Cross distribution centre in South Australia.

The group, which also has a stake in the listed Industria REIT, flagged it would steer clear of ­retail plays but look to buy more property.

Growthpoint managing director Timothy Collyer declined to comment on the latest move to expand its $3.4 billion portfolio. It could partially fund the purchase by offloading assets in Sydney Olympic Park suited to residential development.

Charter Hall in July bought three Brisbane buildings in a near $94 million deal giving it control of a site that was to house one of the city’s tallest apartment towers.

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